Mumbai Based Builder Arrested By ED In Money Laundering Case Of Worth ₹ 500 Crore

Mumbai Based Builder Arrested By ED In Money Laundering Case Of Worth ₹ 500 Crore

Mumbai – Indradev Pandey

The promoter of a Mumbai-based real estate company has been arrested by the Enforcement Directorate (ED) officials, under the provisions of the Prevention of Money Laundering Act (PMLA), in a case related to alleged fraud of more than Rs 500 crore, the agency officials said on Thursday.

Oza was taken into custody from jail

Builder Mahesh Oza, promoter of Karan Group Builders and Developers, was taken into custody on Tuesday from jail where he was lodged after he was first arrested by the Bengaluru police.

According to the ED, in this case, multiple FIRs related to fraud and cheating in the name of investment in real estate projects were registered by Karnataka Police. “The PMLA investigation had revealed that the complainant had invested a total of Rs526 crore approximately 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 ED alleged in a statement.

Investigation also revealed that, out of the total investment of Rs526 crore made by the complainant, bulk of the investment of Rs121.5 crore was made for a real estate project undertaken by M/s. Karan Group Builders & Developers, headed by Mahesh Oza. This amount received for the real estate project was rotated through various entities and subsequently diverted by Mahesh Oza through another network of entities and people,” the statement further alleged.

Oza was produced before the PMLA Special Court which had remanded him to 10 days ED custody.

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