BENGALURU: The Enforcement Directorate (ED) has executed searches on a Bengaluru-based real estate firm and its promoters, who are accused of defrauding home buyers of several crores in connection with the sale of flats in their residential project, according to official sources.
At least ten locations associated with Ozone Urbana Developers Pvt. Ltd. and its key management were searched in Bangalore and Mumbai under the Prevention of Money Laundering Act (PMLA).
The main promoter of the company is Satyamoorthi Vasudevan.
The ED initiated action against the company and its promoters following multiple police FIRs concerning their residential project named Ozone Urbana, located in Devanahalli Taluk, Bengaluru. The integrated township project was supposed to be delivered to buyers by 2018. However, as of 2024, only 49% of the project has been completed, according to sources.
The company allegedly “failed” to complete the project and has not refunded buyers’ money, as claimed.
It is further alleged that the company and its management “cheated” unsuspecting home buyers by promising to cover their bank EMIs (for home purchases) until the project’s completion.
Many buyers were also promised “huge” discounts for making full payments upfront and were enticed with a “buyback scheme.” According to the ED, the directors of the company collectively defrauded buyers of hundreds of crores and misappropriated the funds.
