If the Economic Offences Wing (EOW) of the Delhi Police Crime Branch is to be believed, then mining magnate and Congress MLA from Kalaghatgi constituency in Karnataka’s Dharwad District Santhosh Lad allegedly took around Rs 7.5 crore from Emaar MGF for a land deal that never materialised.
The Sahar Airport Police arrested Lad on Thursday and later handed him over to Delhi Police. The police said that the immigration officials at Mumbai’s Chhatrapati Shivaji International Airport nabbed him.
Lad was on his way to Dubai when he was detained after a Look Out Circular (LOC) was issued against him. According to EOW sources, Dubai-based real estate firm Emaar MGF struck a deal with Balaji Builders in 2008 whose director is Lad.
“Lad had taken around Rs 7.5 crore from Emaar group, promising land for development in Bangalore. However, the deal did not materialise and the group lodged a complaint against him,” said an officer with the EOW on the condition of anonymity.
According to the police, Emaar group lodged a complaint with EOW in 2009 after which an LOC was issued against him. “We found evidence against him and a case was filed on March 19, 2009,” added the officer. The police had registered a case of breach of trust and fraud against him.
The Delhi Police questioned him on Thursday but Lad managed to get bail on Friday. According to police, Lad argued that he had not committed any crime and is cooperating with them in the investigation. Lad’s arrest created a buzz in Karnataka’s political circles.
The mining magnate had invited actors including Jackie Shroff, Celina Jaitley and Sohail Khan to attend a mass marriage function he had organised a month ago in his constituency.