Did the ED Search Ten Locations Linked to a Bengaluru Builder for Fund Diversion?
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Synopsis
The ED's recent raids in Bengaluru and Mumbai unveil serious allegations against Ozone Urbana Infra Developers, including fund diversion and project mismanagement. With hundreds of homebuyers affected, this investigation reveals a troubling story of deception and unfulfilled promises.
Key Takeaways
- ED raids ten locations linked to Ozone Urbana Infra Developers.
- Allegations of fund misappropriation and cheating homebuyers.
- Investigation based on multiple FIRs filed in Karnataka.
- Only 49% of the township project completed since 2018.
- Evidence of double sales of flats discovered.
Bengaluru, Aug 3 (NationPress) The Enforcement Directorate (ED) has confiscated crucial documents regarding the misappropriation and diversion of funds related to a township project during searches at ten locations in Bangalore and Mumbai associated with Ozone Urbana Infra Developers and its senior management, an official disclosed on Sunday.
The ED's Bangalore Zonal Office executed these searches on August 1, 2025, in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
The primary promoter of this entity is Satyamoorthi Vasudevan, as stated by the ED.
During the operation, numerous critical documents pertaining to the misappropriation and diversion of project funds were located and confiscated from various locations.
The ED commenced an inquiry under the PMLA based on multiple FIRs lodged by various police stations across Karnataka against the firm and its promoters, amid allegations of cheating, impersonation, and criminal conspiracy.
The probe revealed that the accused firm, along with its senior management, has deceived numerous unsuspecting customers by collecting money for its project named Ozone Urbana in Devanahalli Taluk, Bangalore, yet failing to deliver the promised apartments.
Funds were gathered from customers by persuading them with assurances of EMI payments to banks against loans taken by home buyers until the project's completion, according to the ED.
The company further enticed many buyers with significant discounts through various schemes, including a buyback scheme and a 2X-scheme.
However, the funds collected from customers intended for project completion were redirected by the promoters to unrelated group entities and individuals.
The integrated township project was scheduled for delivery in 2018. Yet, as of 2024, only 49 percent of the project has been finished. Consequently, the company has neither delivered the project nor refunded the money to the buyers.
Evidence regarding the double sale of several flats has also been collected and seized during the investigation, as stated by the ED.
Point of View
It is essential to report on the unfolding events surrounding the ED's investigation into Ozone Urbana Infra Developers. The implications of this case highlight the urgent need for accountability in the real estate sector, particularly for the protection of homebuyers who have placed their trust in these developers. Our commitment is to provide clear, unbiased reporting as this story develops.
NationPress
08/10/2025
Frequently Asked Questions
What prompted the ED's investigation into Ozone Urbana?
The ED initiated the investigation based on multiple FIRs filed against Ozone Urbana Infra Developers and its promoters for allegations of cheating and fund misappropriation.
How many premises were searched by the ED?
The ED conducted searches at ten premises located in Bengaluru and Mumbai.
What was the nature of the fraud allegedly committed by the company?
The company is accused of collecting funds from customers for a housing project but failing to deliver the promised flats, while misappropriating the funds for other purposes.
When was the integrated township project supposed to be completed?
The project was scheduled to be completed in 2018, but as of 2024, only 49% has been finished.
What types of schemes were offered to homebuyers?
The company offered various schemes, including discounts through a buyback scheme and a 2X-scheme to entice customers.
