ED arrests Mumbai builder in Rs 500 cr fraud and cheating case
Jan 12, 2023
New Delhi [India], January 12 : The Enforcement Directorate (ED) has arrested Mahesh B Ojha, a promoter of Karan Group Builders and Developers, Mumbai on January 10, under the provisions of the Prevention of Money Laundering Act (PMLA) in an alleged fraud and cheating case involving an amount of more than Rs 500 Crore.
The PMLA Special Court has granted 10 days of ED custody for the accused.
In this case, multiple FIRs related to fraud and cheating in the name of investment in real estate projects were registered by the Karnataka Police.
PMLA investigation revealed that the complainant had invested a total of Rs 526 Crore (approx) in different real estate projects undertaken by various groups and individuals. Subsequently, this amount was siphoned off by showing it as to be paid to various persons and collecting cash and commission in lieu of bank entry.
The investigation also revealed that, out of the total investment of Rs 526 Crore made by the complainant, the bulk of the investment of Rs 121.5 Crore was made for a real estate project undertaken by M/s. Karan Group Builders & Developers, headed by Mahesh Bhupatkumar Ojha.
This amount received for the real estate project was rotated through various entities and subsequently diverted by Mahesh Bhupatkumar Ojha through another network of entities and people.
Ojha was earlier arrested by CID, Bengaluru and is presently in judicial custody.
