The Enforcement Directorate (ED) on Saturday said that they have attached properties worth Rs 380 crore of a company belonging to Sachin Joshi under Prevention of Money Laundering Act (PMLA).

The ED said that they attached two properties out of which one is in Worli and second is in Pune.

Initially, a case was filed against the firm by Aurangabad Police. The FIR was filed with City Chowk Police Station of Aurangabad. Later the police found that the firm was involved in money laundering. The information was shared with the federal anti money laundering probe agency.

Finally, the ED initiated money laundering investigation on the basis of the FIR.

The ED had conducted a search last year in January and recovered a number of incriminating documents.

After the raid the ED had arrested Babulal Varma, the Managing Director of ORDPL, Kamal Kishore, Chairman of ORDPL and Sachin Joshi.

In March last year, the ED filed first prosecution complaint (chargesheet) before the special Mumbai court.

The ED during investigation found that loan amount Rs 410 crore was fraudulently acquired by Surana Developers Wadala, LLP, a sister concern of ORDPL through falsely increased slum dwellers numbers and FSI.

“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 approximately was laundered through Sachin Joshi and his Group of companies under the guise of services and investment,” said the ED official.

The official said that they were further probing the matter.

Tollywood hero and business man Sachin Joshi arrested by ED yesterday on the allegations of money laundering and will be produced before the PMLA court today. Details as below.

Sachin Joshi is son of owner of JMJ group of industries. He debuted into Tollywood as hero 2 decades ago. He acted in films like “Mounamelanoyi”, “Orey Pandu” etc. Though he acted in a bunch of Telugu and Hindi movies, he did not get break as an actor. He also financed some of the Telugu movies. He has been involved in several controversies earlier too. Now he allegedly got involved in money laundering case. Enforcement Directorate yesterday arrested him in the alleged money laundering case involving Mumbai-based Omkar Realty group.ED is investigating economic offences and found some transactions linking Sachin Joshi’s firm and Omkar Realty that is involved in money laundering case. As per ED, Omkar Realty took a loan of Rs 410 crore for slum rehabilitation projects from Yes Bank but diverted the money.

We need to wait and see for further updates on this case.