The Enforcement Directorate (ED) announced on Saturday that it has provisionally attached immovable properties worth ₹423.38 crore belonging to Ozone Urbana Infra Developers Pvt. Ltd. and its promoters under the Prevention of Money Laundering Act (PMLA). The action follows multiple FIRs filed in Bengaluru and a CBI case instituted on Supreme Court direction.
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Fraud Allegations and Modus Operandi
According to ED sources, Ozone Urbana and its promoter S. Vasudevan are accused of cheating homebuyers by collecting large sums through advance bookings with promises they would cover pre-construction EMIs until possession. However, the firm failed to deliver the flats or refund deposits. Investigation reveals that the group misappropriated funds, allegedly routing them through associated entities and personal accounts. The total value of defrauded funds is pegged at ₹927.22 crore, ED said.
Assets Attached
The attachment includes 92 unsold flats in the Avenue project, 13 units in Aqua 2, 4.5 acres of commercial land, and personal properties including 179 acres of land in Kannehalli village, Mudigere (Chikkamagaluru). The properties are held in the names of Vasudevan and his wife. ED had earlier conducted searches at 10 locations in August, seizing incriminating documents that laid bare the diversion of project funds.
Legal and Investigative Steps Ahead
ED has filed a prosecution complaint in a special PMLA court in Kolkata. Searches and forensic audits continue, focusing on fund flows, shell companies, and whether there are additional properties yet to be traced. The attachment is seen as a major step to disrupt the financial backbone of the alleged fraud syndicate and provide recourse to the cheated homebuyers.
