Dr.Thomas (Special Correspondent)
The Enforcement Directorate (ED),officials on Thursday arrested Mahesh B.Ojha,head of Karan Group Builders and Developers in 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 and taken into custody .
According to the official release,multiple FIRs charged with fraud and cheating on the pretext of investment in real estate projects was registered.
During Probe by ED 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 the company .
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 until ED took him in custody for further investigations.
