Mumbai: A special Prevention of Money Laundering Act (PMLA) court on Saturday granted bail to actor-businessman Sachin Joshi in the Rs 410 crore money laundering case involving Omkar Group. The order was kept in abeyance, though, after the Enforcement Directorate (ED) moved a plea.

“In view of grounds put forth by the ED, in the interest of justice, if one week time granted to assail the order of bail will make it proper. Hence, till then, the order of bail is kept in abeyance till April 9. The ED to bring necessary order, else the order of bail will come in force to release the accused no 5 (Joshi) on compliance of imposed conditions,” the court said.

Joshi was arrested in February. The ED recently submitted its first chargesheet against Joshi, Omkar Group promoters Babulal Varma, Kamal Kishor Gupta and 14 firms associated with them. Omkar Group promoters allegedly took Rs 410 crore from Yes Bank to construct rehabilitation buildings under the Slum Rehabilitation Authority (SRA) scheme at Wadala but diverted the money to their other group companies. Joshi allegedly helped Omkar Group for the laundering of Rs 87 crore. The loan money was used for other purposes, alleged the ED.

In a separate order, taking cognisance of the chargesheet, the court recently said through the submissions, complaints and statements recorded under PMLA, it appeared accused Varma and Gupta had fraudulently availed the loan on the notional FSI which would have been available after construction of the buildings. “However, the rehab buildings were not constructed and the loan amount was diverted and not used to its intended purpose, for which it was sanctioned. It is also revealed during investigation that accused No 5 Sachin Joshi and his Viiking Group of companies have never engaged in SRA-related services, still funds have been transferred to Joshi and his Viiking Group of companies,” the court said.