Sachin Joshi Granted Bail In Money Laundering Case On Personal Bond Of Rs 30 Lakh, Actor Cannot Leave The Country
Enforcement Directorate (ED) had arrested Sachin Joshi, on February 14, 2021
Actor-producer Sachin Joshi was granted bail by Mumbai’s special PMLA court in a money laundering case linked to the city-based firm Omkar Realtors and Developers. However, the special court has also imposed a set of conditions on him.
The recent development comes after the Enforcement Directorate (ED) had arrested Sachin Joshi, on February 14, 2021. The ‘Jackpot’ actor who is also a businessman, is currently out on interim bail granted by the Supreme Court on medical grounds.
His plea for regular bail was allowed by special judge MG Deshpande on a personal bond of Rs 30 lakh and two sureties of the like amount reported ETimes.
Furthermore, among other bail conditions, the court asked him not to leave India till further orders and he has also been asked to submit his passport with the ED. The court directed Sachin Joshi not to commit any acts that cause prejudice to the case's proceedings and not involved in any activity relating to ‘proceeds of crime’.
The ED through public prosecutor Kavita Patil filed a plea seeking three weeks time to challenge the ruling and a stay on implementation of the bail order. However, the court rejected the central probe agency's plea. In the bail application, filed through senior counsel Abad Ponda and advocate Subash Jadhav, Sachin Joshi had sought relief on the ground that the probe agency had failed to establish ‘proceeds of crime’ linked to him.
The recent ETimes report quoted the bail plea which mentioned that "In spite of all the vague assertions, without any basis, much less evidence, the complaint does not disclose anywhere as to how any alleged ‘proceeds of crime’ came in the hands of the present applicant (Joshi).”
The ED has admitted that they possess no evidence of the fact that any such alleged ‘proceeds of crime’ was ever found their way into the hands of the applicant herein, it said.
Sachin is the son of JMJ group promoter and businessman J M Joshi, who is into gutkha and pan masala manufacturing and also into the hospitality business. He has produced some movies too.
The ED has claimed that its probe found that "loan amount Rs 410 crore was fraudulently acquired by Surana Developers Wadala, LLP, a sister concern of Omkar Realtors and Developers Pvt Ltd (ORDPL), through falsely increased slum dwellers numbers and FSI (floor space index). FSI is the ratio that defines how much can be built on a plot.
"Out of Rs 410 crore, an amount of Rs 330 crore was laundered into the sale building of Omkar Group and an amount of Rs 80 crore (approx) was laundered through Sachin Joshi and his Viiking Group of companies under the guise of services and investment," the agency has alleged.
Besides Sachin Joshi, the chairman of Omkar Realtors and Developers, Kamal Kishore Gupta (62) and its managing director Babulal Varma (51), were also arrested in the case. The duo is currently in jail under judicial custody, reported ETimes.
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