Bombay Court Grants Bail To Actor-Producer, Sachin Joshi Accused of Money Laundering

Special Judge, M. G. Deshpande has observed that Sachin Joshi was not "directly or indirectly" involved in the money laundering case linked to city-based firm Omkar Realtors and Developers.

Sachin Joshi is a 37-year-old actor-producer and businessman who has been a Director of his various companies. He is currently out on interim bail granted by the Supreme Court on medical grounds.

The Enforcement Directorate (ED) has claimed that a loan of Rs 410 crores was fraudulently acquired by Surana Developers Wadala, LLP, a sister concern of Omkar Realtors and Developers Private Limited (ORDPL), by falsely increasing the number of slum dwellers and FSI (floor space index) for a redevelopment project.

The ED has alleged that 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.

Counsel for Sachin Joshi, while praying for the bail, has contended that Sachin Joshi has been suffering from Anxiety, Asthma, Acid Reflux, Slip Disk and Shoulder Pain. He has been under the treatment of Dr. Harshad J. Shah over a period of years.

The court allowed the bail application and observed that Sachin Joshi has various immovable properties, establishments and companies in India. If conditions are imposed on him, he will not flee from India nor would he commit any offence while on bail.

The court has directed that the applicant to execute a bond of Rs.30 Lakhs and one or two sureties of like amount, and on various conditions.

Firstly, Sachin Joshi shall not leave India till further order and shall submit his passport to E.D.
Secondly, he shall inform this Court and the Investigating Agency his place of residence and his contact numbers, as well as the contact numbers of his family members residing with him.
Thirdly, he shall attend the office of E.D. whenever called for investigation and every date of the Court, and, shall also cooperate with the remaining investigation, if any.
Fourthly, he shall not undertake any acts which will cause prejudice to the proceedings before the Court. He shall not personally or through any other means make any attempt to meet witnesses or tamper with evidence.
Lastly, in the event of breach of any of the conditions, the E.D. will be at liberty to prefer an application for cancellation of bail.

Case Title: Mr. Sachin Joshi Versus Office of Enforcement Directorate

Citation: 

Case No:PMLA SPL. CASE NO.377 OF 2021

Dated: 07.03.2022

Counsel For Appellant: Senior Advocate Abad Ponda

Counsel For Respondent: Special Public Prosecutor Kavita Patil

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