Bengaluru: The Enforcement Directorate (ED) arrested a real estate businessman in connection with a fraud and cheating case worth more than Rs 500 crore, officials said. The ED arrested Mahesh B Oza, head of Karan Group Builders and Developers, Mumbai, on January 10 under the provisions of PMLA, 2002, in a fraud and cheating case involving more than Rs 500 crore.
The PMLA Special Court has granted 10 days of ED custody of Oza, sources said. The arrest was made following complaints by people, who had invested money in various projects of Oza's Karan Group Builders and Developers. The complainants said that Oza duped them of over
Rs 500 crore in the name of investments in the projects.
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Several FIRs were registered in various parts of Karnataka in this regard. In the subsequent ED action, Oza was arrested and sent to 10 days of judicial custody. The ED has estimated the fraud to the tune of Rs 526 crore. The ED has booked Mahesh on charges of illegal financial transactions. Sources said that during the investigation, it surfaced that the complainants invested around Rs 526 crore in different real estate projects.
However, the amount was siphoned off by Oza showing it as to be paid to various persons. According to sources, the probe into the case further revealed that out of the total investment of Rs 526 crore, Rs 121.5 crore was invested in a real estate project undertaken by Karan Group Builders and Developers.
