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New Delhi: The promoter of a Mumbai-based real estate company has been arrested under the Anti-Money Laundering Act in a case related to an alleged fraud of over Rs 500 crore. Enforcement Directorate (ED) said on Thursday.
Mahesh Bhupatkumar Ojhaoriginator of Karan Group Builders And DevelopersHe was taken into custody on January 10 from the jail where he was kept after he was first arrested by the Bengaluru Police.
The money laundering case is based on multiple FIRs filed by the Karnataka Police against Ojha and others on the complaint of an investor who had pumped money into his projects.
“The complainant had invested approximately Rs 526 crore in various real estate projects undertaken by various groups and individuals. Subsequently, this amount was siphoned off by showing it as payment to various persons and collecting cash and commission against bank admissions Gone.
“Out of this total investment (Rs 526 crore) made by the complainant, a major investment of Rs 121.5 crore was made for real estate project Karan Group Builders and Developers, headed by Mahesh B Ojha,” the federal probe agency said in a statement.
This amount, which was received for real estate projects, was “rotated” through various entities and later “diverted” by Ojha through another network of entities and people.
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