Bengaluru
The Enforcement Directorate (ED) has attached assets worth over Rs 423 crore belonging to a Bengaluru-based real estate firm and its promoter in a major fraud case. The action was taken under the Prevention of Money Laundering Act (PMLA) against Ozone Urbana Infra Developers and its main promoter S. Vasudevan.
The attached assets include 105 unsold flats from two projects, Avenue and Aqua 2, along with 4.5 acres of commercial land. Additionally, 179 acres of land owned by Vasudevan’s wife in Kannehalli village, Mudigere, Chikkamagaluru district, were also seized. The total value of these properties is Rs 423.38 crore.
This case is connected to a Central Bureau of Investigation (CBI) FIR registered on the orders of the Supreme Court. The ED had conducted searches in August as part of the probe.
According to the ED, the company and Vasudevan cheated homebuyers by collecting Rs 927.22 crore but failed to deliver possession of flats. Instead, they diverted the funds for personal use and to other group companies, misusing the money meant for real estate development.
The agency said Vasudevan and his family were involved in moving the illegal money through various channels, creating proceeds of crime. The fraud has caused huge losses to many homebuyers who trusted the company.
The ED’s action aims to recover the defrauded amount and bring the accused to justice. This case highlights the ongoing challenges in the real estate sector and the need for stronger regulation to protect homebuyers from such scams.
