The Enforcement Directorate (ED) has arrested Kamal Kishore Gupta, chairman of Mumbai-based realty company Omkar Retailers and Developers, and Babulal Verma, managing director, in a money laundering case involving Yes Bank's debt scam.
Both of them are expected to be produced before the special court on Thursday. Meanwhile, Yes Bank has been sent to the ED's custody till January 30 by a special court in a new money laundering case involving co-founder Rana Kapoor. Sources said the Enforcement Directorate raided at least ten premises of the company on 25 January.
The misuse of permission in the Slum Rehabilitation Authority (SRA) schemes in the Yes Bank loan case is alleged to be a manipulation of Rs 450 crore. The company says that the allegations made by the petitioners in the court on it are baseless. The management of Omkar Group has termed the allegations of rigging in the fund as baseless.