According to the Enforcement Directorate (ED), the promoter of a Real Estate business with offices in Mumbai has been detained following the law against money laundering in connection with an alleged scam involving more than Rs. 500 crores.
The Karan Group Builders and Developers promoter, Mahesh Bhupatkumar Oza, was initially detained by the Bengaluru police and was taken into custody on January 10. The case was based on numerous FIRs against Oza, filed by the Karnataka Police.
The complainant's money, which is Rs. 526 crores was invested in various real estate projects carried out by different organizations and businesses. This money was then embezzled by claiming that it was going to be paid to other parties while collecting cash and commission in place of a bank entry.
The federal probe agency claimed in a statement, that out of the total investment made by the complainant, most of the investment of Rs. 121.5 crores was made for Real Estate projects undertaken by the Karan Group Builders and Developers and was headed by Mahesh Oza.
The sum mentioned above, which was received for Real Estate projects was rotated through many different organizations before being diverted by Oza through a different network of organizations and individuals.
