The Enforcement Directorate (ED) has arrested Mahesh Bhupatkumar Oza, promoter of Mumbai-based Karan Group Builders and Developers, in connection with an alleged Rs500 crore real estate fraud. The arrest was made under the Prevention of Money Laundering Act (PMLA), the agency announced today.
Oza was taken into custody on January 10 from jail, where he was already lodged following his earlier arrest by Bengaluru Police in relation to the same case. The ED’s money laundering case stems from multiple FIRs filed by the Karnataka Police, based on complaints from an investor who alleged massive financial fraud.
According to the ED, the Karan Group lured investors with false promises of high returns and sold real estate projects that either did not exist or were grossly misrepresented, leading to financial losses amounting to hundreds of crores.
The agency is continuing its probe into Oza’s financial transactions, suspected money trail, and links with other entities across states. Further arrests and property attachments are expected as the investigation deepens.
