Enforcement Directorate attaches immovable property worth Rs 423.38 crores against Ozone Urbana

Bengaluru: Enforcement Directorate (ED) on Saturday issued a provisional attachment order attaching Rs 423.38 crore in connection with a probe against defaulting realty Ozone Urbana Infra Developers Pvt Ltd and others.

ED launched the probe after multiple FIRs registered at various police stations of Bengaluru City against M/s Ozone Urbana Infra Developers Pvt. Ltd and its promoters.

Further, a FIR was also registered against the company and its promoter by the CBI, EO-I, New Delhi on the direction of the Supreme Court.

"The main allegation against the company M/s Ozone Urbana Infra Developers Pvt. Ltd. is that it has defaulted in completion of construction of projection in time and failed to hand over the possession to the customers. It is alleged that the company induced the gullible customer by offering to pay pre-construction EMIs till handing over the possession of the flat to homebuyers. However, it has failed to honour its commitments and did not complete the project/flats," the agency said.

"The builder neither delivered possession of the residential units to homebuyers nor refunded their deposited amount and misappropriated the entire upfront booking amount/loan amount."

Earlier, ED, Bangalore Zonal Office conducted search operations at 10 premises in this case and seized various incriminating documents related to diversion and misappropriation of project funds from the various premises.

"Further, during the course of ED investigation, it is revealed that M/s Ozone Urbana Infra Developers Pvt. Ltd. along with S Vasudevan (main promoter) have defrauded the home buyers to the tune of Rs. 927.22 Crores and did not deliver possession of apartments/units against the said money, thereby dishonestly retaining and diverting the funds.

"The accused diverted the funds to the other group entities and associated individuals including Vasudevan himself and his family members. Therefore, the company and Vasudevan have generated proceeds of crime to the tune of Rs. 927.22 Crores and routed the same through various entities and used for the purpose other than the funds actually meant for, that is, construction and development of projects in Ozone Urbana Infra Developers Pvt. Ltd," the agency added.