<p>Bengaluru: Police have booked Ozone Urbana Infra Developers Pvt Ltd and its senior executives for allegedly selling the same flat to two different buyers and raising multiple bank loans on it. </p>.<p>Devanahalli police registered an FIR on Tuesday based on a complaint filed by Vinod Kumar on behalf of Phalaksh Shrishail Walishetty, the first and lawful purchaser of flat number T-1102 at Ozone Urbana Avenue, Kannamangala. </p>.<p>According to the complaint, Walishetty entered into a sale agreement with the developer on December 15, 2017, and paid Rs 1.33 crore. Despite this, the builder allegedly executed a second sale agreement for the same flat in favour of another individual, Sabyasachi Das Mahapatra, on November 11, 2021, without disclosing the earlier transaction, the complaint alleged. </p>.<p>The developer and its directors also raised separate home loans on the same flat from different financial institutions, including IndiaBulls and SBI/YES Bank, it added. </p>.<p>While the first buyer continues to repay the loan, the flat was resold, causing wrongful loss to the complainant as well as the lending institutions. The complainant sought action against the company, its chairman S Vasudevan, former director Priya Vasudevan, directors Sai Prasad, Durbakala Vamsi Sai, S Baaskaran, former CEO Srinivasan Gopalan, and other individuals or authorised bank officials found involved during investigation. </p>.<p>Vinod Kumar, an HR professional and complainant, said he had to run from one office to another for 12 days before the police registered the FIR. </p>.<p>“We approached the local police station and met senior officers, including the ACP and the joint commissioner. Despite submitting all documents, we were made to run from office to office for nearly 12 days before the FIR was finally registered. Only after repeated follow-ups was the FIR registered,” he told <em>DH</em>. </p>.<p>He alleged that the builder kept sale agreements unregistered to show already sold flats as unsold inventory, issue NOCs and enable multiple buyers to raise loans on the same property. “This appears to be a systematic method used to raise funds repeatedly on the same property,” he <br>said. </p>.<p>He also flagged the role of banks, alleging that the second buyer was sanctioned a home loan without verifying whether the flat had been sold earlier. “Ozone Urbana Avenue alone has 1,000 homebuyers, many of whom have taken loans under subvention and other schemes, and are now burdened with EMIs without getting possession,” he said. </p>
<p>Bengaluru: Police have booked Ozone Urbana Infra Developers Pvt Ltd and its senior executives for allegedly selling the same flat to two different buyers and raising multiple bank loans on it. </p>.<p>Devanahalli police registered an FIR on Tuesday based on a complaint filed by Vinod Kumar on behalf of Phalaksh Shrishail Walishetty, the first and lawful purchaser of flat number T-1102 at Ozone Urbana Avenue, Kannamangala. </p>.<p>According to the complaint, Walishetty entered into a sale agreement with the developer on December 15, 2017, and paid Rs 1.33 crore. Despite this, the builder allegedly executed a second sale agreement for the same flat in favour of another individual, Sabyasachi Das Mahapatra, on November 11, 2021, without disclosing the earlier transaction, the complaint alleged. </p>.<p>The developer and its directors also raised separate home loans on the same flat from different financial institutions, including IndiaBulls and SBI/YES Bank, it added. </p>.<p>While the first buyer continues to repay the loan, the flat was resold, causing wrongful loss to the complainant as well as the lending institutions. The complainant sought action against the company, its chairman S Vasudevan, former director Priya Vasudevan, directors Sai Prasad, Durbakala Vamsi Sai, S Baaskaran, former CEO Srinivasan Gopalan, and other individuals or authorised bank officials found involved during investigation. </p>.<p>Vinod Kumar, an HR professional and complainant, said he had to run from one office to another for 12 days before the police registered the FIR. </p>.<p>“We approached the local police station and met senior officers, including the ACP and the joint commissioner. Despite submitting all documents, we were made to run from office to office for nearly 12 days before the FIR was finally registered. Only after repeated follow-ups was the FIR registered,” he told <em>DH</em>. </p>.<p>He alleged that the builder kept sale agreements unregistered to show already sold flats as unsold inventory, issue NOCs and enable multiple buyers to raise loans on the same property. “This appears to be a systematic method used to raise funds repeatedly on the same property,” he <br>said. </p>.<p>He also flagged the role of banks, alleging that the second buyer was sanctioned a home loan without verifying whether the flat had been sold earlier. “Ozone Urbana Avenue alone has 1,000 homebuyers, many of whom have taken loans under subvention and other schemes, and are now burdened with EMIs without getting possession,” he said. </p>