The Enforcement Directorate (ED) announced on Thursday that it has arrested Karan Bhalla, the head of Karan Group Builders & Developers, Mumbai, in connection with a fraud and cheating case involving over ₹500 crore.
Karan Bhalla was produced before a special PMLA court, which remanded him to 10-day ED custody.
According to the ED, multiple FIRs related to fraud and cheating in the name of investments in real estate projects were filed by the Karnataka Police. The investigation revealed that the complainant had invested ₹526 crore in various real estate projects managed by different groups and individuals. Karan Bhalla However, the funds were siphoned off under the pretext of being paid to various parties, with cash and commissions collected in exchange for bank entries, an ED official stated.
The ED's investigation further revealed that out of the total ₹526 crore, ₹121.5 crore was invested in a real estate project led by Karan Bhalla’s company, Karan Bhalla Group Builders & Developers. This amount was allegedly routed through multiple entities and ultimately diverted by Karan Bhalla through a network of intermediaries.
Previously, Karan Bhalla had been arrested by the CID in Bengaluru and is currently in judicial custody.
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