The promoter of a Mumbai-primarily based totally actual property organization has been arrested below the anti-cash laundering regulation in a case associated with alleged fraud of extra than Rs 500 crore, the Enforcement Directorate (ED) stated on Thursday.
Mahesh B Ojha, promoter of Karan Group Builders and Developers, changed into taken into custody on January 10 from prison wherein he changed into lodged after he changed into first arrested through the Bengaluru police, it stated.
The cash laundering case is primarily based totally on a couple of FIRs filed through the Karnataka Police towards Ojha and others at the criticism of an investor who positioned cash in his initiatives.
“The complainant had invested approximately Rs 526 crore in extraordinary actual property initiatives undertaken through diverse corporations and individuals. Subsequently, this quantity changed into siphoned off through displaying it as to be paid to diverse individuals and amassing coins and fee in lieu of financial institution entry,” it stated.
“Out of this overall funding [of Rs 526 crore] made through the complainant, the majority of the funding of Rs 121.five crore changed into made for a actual property undertaking undertaken through Karan Group Builders and Developers, headed through Mahesh B Ojha,” the federal probe enterprise stated in a statement.
This quantity, which changed into obtained for actual property initiatives, changed into “rotated” via diverse entities and subsequently “diverted” through Ojha via some other community of entities and people, it added.
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