NEW DELHI: The Enforcement Directorate (ED) has attached unsold flats and land valued at over Rs 423 crore belonging to the promoters of a Karnataka-based real estate firm due to allegations of duping homebuyers. This action was taken on Saturday.
The measures target Bengaluru-based Ozone Urbana Infra Developers and its primary promoter, S Vadudevan.
A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to attach 92 flats in the Avenue project and 13 flats in the Aqua 2 project, as well as 4.5 acres of commercial land and personal properties belonging to Vasudevan, as stated by the ED.
The attachment also extends to assets owned by Vasudevan’s wife, which include 179 acres of land in Kannehalli village, Mudigere (Chikkamagaluru district).
The cumulative value of these assets is reported to be Rs 423.38 crore, according to the agency.
This money laundering case is rooted in a CBI FIR issued under the Supreme Court’s directive, the ED mentioned, noting that they had conducted searches related to this case back in August.
The agency alleges that Vasudevan and the company “defrauded” homebuyers out of Rs 927.22 crore by failing to deliver the promised apartments/units, thus dishonestly retaining and misappropriating the funds.
According to the ED, “The accused diverted funds to other group entities and associated individuals, including Vasudevan and his family, generating illegal proceeds of Rs 927.22 crore and rerouting them for purposes other than construction and development of the realty projects involved.”
