Kaskar was arrested in 2017 in an extortion and Maharashtra Control of Organized Crime Act case registered by Thane Police. Subsequently, the Enforcement Directorate, probing a money laundering case based on the police FIR, took Kaskar's custody in February 2022. 

He is currently in judicial custody. Special Prevention of Money Laundering Act (PMLA) court judge B D Shelke rejected Kaskar's bail plea on July 26. "A lot of minute exercise is expected to be undertaken by the investigating agency to see that no innocent is wrongly booked and that no culprit escaped from the clutches of law. Hence, mere delay in a trial is also not a ground to grant bail," the court noted in its order, made available recently. Kaskar's two alleged associates, also co-accused in the case, collected protection money of Rs 30 lakh and also transferred (ownership of) a flat from a Thane-based person on his behalf, according to the ED. Kaskar's plea cited delay in the trial and contended that the amount involved in the case is less than Rs 1 crore, which makes it a bailable offence in view of section 45 of the PMLA.