SAN JOSE — Profits from the sale of condo units in San Jose and Fremont that were intended to help investors recoup the money they lost in what federal investigators claim was a massive Bay Area real estate fraud case are now expected to fall well short of the amount needed to provide restitution.
The residential hubs at 1853 Almaden Rd. in San Jose and at 42111 Osgood Rd. in Fremont are among many Bay Area properties tied to South Bay real estate executive Sanjeev Acharya and his company Silicon Sage Builders.
In 2020, federal investigators claimed Acharya defrauded hundreds of investors out of more than $100 million they had invested in projects by Acharya and his company…