Bengaluru: The Enforcement Directorate (ED) said on Thursday that it has arrested Mahesh B. Ojha, the head of Karan Group Builders & Developers, Mumbai, in a fraud and cheating case involving an amount of more than Rs 500 crore.
Ojha was produced before a special PMLA court here, which sent him to 10-day ED custody.
The ED said that multiple FIRs related to fraud and cheating in the name of investment in real estate projects were registered by Karnatka Police.
“Our investigation revealed that the complainant had invested a total of Rs 526 crore 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,” an ED official said.
The ED said it has learnt that out of the total investment of Rs 526 crore made by the complainant, a bulk amount of Rs 121.5 crore was invested in a real estate project undertaken by Karan Group Builders & Developers, headed by Ojha.
This amount was routed through various entities and subsequently diverted by Ojha through another network of entities and people.
Ojha was earlier arrested by the CID, Bengaluru, and is presently in judicial custody.