Business News | ED Arrests Head of Mumbai-based Realty Firm in Rs 500-crore Cheating Case
Get latest articles and stories on Business at LatestLY. The agency said multiple first information reports (FIRs) related to fraud and cheating in the name of investment in real estate projects were registered by the Karnataka Police.
Bengaluru (Karnataka)[India], January 13 (ANI): The Bengaluru branch of the Enforcement Directorate has arrested Mahesh B Ojha, head of Mumbai-based Karan Group Builders and Developers in connection with a fraud and cheating case involving an amount of over Rs 500 crore.
According to the statement from the probe agency, Mahesh B Ojha was arrested on January 10. Booked under the provisions of the Prevention of Money Laundering Act, the PMLA Special Court has granted 10-day ED custody to the accused.
The agency said multiple first information reports (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 in the case had invested a total of Rs 526 crore in different real estate projects undertaken by various groups and individuals.
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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, ED added.
According to the statement, this amount received for real estate project was rotated through various entities and subsequently diverted by Mahesh Bhupatkumar Oza through another network of entities and people.
It also added Mahesh Kumar Oza was earlier arrested by CID, Bengaluru.
The probe agency said further investigation was underway. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)