Business Magnate and Bollywood actor, Sachin Joshi who also owns the Kingfisher Villa was arrested by the Enforcement Directorate ( ED) on February 14th with regards to the alleged money laundering case involving Mumbai-based Omkar Realty group.
He will be produced before a special PMLA (Prevention of Money Laundering) court in Mumbai on February 15th, stated the report.
The arrest was made after the income tax officials carried out searches at Joshi’s home and JMJ Group’s offices that continued for five days. ED has found some transactions linking Joshi’s JMJ Group to the Omkar Realty, sources said.
Joshi was summoned earlier by ED but he allegedly did not turn up following which he was brought to the ED office in South Mumbai for questioning in the Omkar Realtors case by ED officials. ED alleges that Omkar Realty took a loan of Rs 410 crore for slum rehabilitation projects from Yes Bank but diverted the money.
The ED had also arrested Omkar Group Chairman Kamal Gupta and Managing Director Babu Lal Verma under the Prevention of Money Laundering Act, 2002 (PMLA) on January 27th.
One of the biggest real estate companies in Mumbai, the Omkar group leads the city in slum rehabilitation projects, with premium offerings in the city’s suburbs.
Sachin Joshi is an Indian film actor, a producer known for his films in Bollywood and Tollywood like Aazaan, Jackpot, Amavas, which he self-financed.
In 2017, he gained wide-spread spotlight when he bought the Kingfisher Villa in Goa for about Rs 73 crores which was previously owned by multi-millionaire Vijay Mallya.
Also known as the beer baron of Kings Beer, Viking Ventures led by him acquired King’s beer for Rs 90 crore from Impala Distillery and Brewery in 2015.
In November 2020, it was revealed that Joshi had bought the ownership of the Dambulla Viiking franchise for the T-20 Sri Lanka Premier League. The franchise was initially named as Dambulla Lions but was later renamed to Dambulla Viiking as it was bought by Sachin Joshi’s Viiking Ventures.
Joshi is also the founder and vice chairman of Planet Hollywood Beach Resort, a luxury 5-star property based in south Goa, inspired by the popular Las Vegas’s casino hotel Planet Hollywood. It is India’s first Hollywood themed beach resort.