Due to yesterday's disappointing round of one-under 71, Jeev let go off a chance to finish in top-15, which would have brought him closer to retaining his European Tour card for the coming season.
Jeev ended at 12-under and tied-33rd, the same as Shiv Kapur (69), who was once again unable to build on the superb start he had on the first day.
SSP Chawrasia, at 93rd in Race to Dubai Standings, finished Tied 44th after a round of 69 and at 10-under 278.
"That was a disappointing finish. The game is coming back, as we saw in first three rounds," said Jeev, who is slowly recovering from his injuries and coming back to form.
Kapur had an eagle and five birdies, but he also had four bogeys in his 69. Chawrasia holed his second shot for an eagle on par-4 11th and three other birdies, but gave away bogeys on in eventful final stretch, where he bogeyed the 15th and 17th and birdied the 16th and 18th.
Kaymer had led by three shots on 21 under at one point but a disappointing back nine saw him finish alongside Karlberg, who had crept through the field with a 67, at 19-under.
Both men had parred the 18th all week and they did so again on the first play-off hole but Karlberg made birdie at the second attempt following a terrific approach over the trees to claim his first European Tour title.
His earlier two titles on Asian Tour came in India.
But the day belonged to Swede Karlberg as he secured a career-changing victory which moves him to 47th in The Race to Dubai and secures his playing rights on The European Tour until at least the end of 2017.
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