The group is alleged to have misused several permissions under the slum rehabilitation authority (SRA) schemes and is alleged to have diverted around Rs 450 crore loan from Yes bank.
Omkar Group confirmed the search operations by the ED officials. However, highlighted that the matter pertains to a writ petition filed by another developer and the same has already been dismissed by the Bombay High Court.
All matters pertaining to the scheme are carried out as per legal norms laid out by the state government. The Rs 450-crore loan from Yes Bank is availed under banking guidelines as project loan against sale collaterals and utilised for the stated purpose only, Omkar Realtors said in a statement.