ED attaches properties worth ₹423 crore in ₹927 crore homebuyer fraud case

The Enforcement Directorate seizes immovable assets of Ozone Urbana Infra Developers and promoter S. Vasudevan under PMLA after allegations of cheating homebuyers in Bengaluru.

The Enforcement Directorate (ED) has attached immovable properties of M/s Ozone Urbana Infra Developers Pvt Ltd and its promoter S. Vasudevan, worth ₹423.4 crore, under the Prevention of Money Laundering Act (PMLA). The move comes in connection with allegations of defrauding homebuyers of ₹927 crore.

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The ED initiated investigations following multiple FIRs under cheating charges registered at various police stations in Bengaluru and an FIR by the CBI on Supreme Court directions. The company allegedly lured buyers by offering to pay pre-construction EMIs until possession, but failed to complete the projects and did not refund the deposited amounts.

Raids conducted on August 1 revealed that the accused had diverted funds to other group entities and associates. The immovable assets attached include unsold flats from the Avenue (92 flats) and Aqua 2 projects (13 flats), 4.5 acres of commercial land, and personal properties of Vasudevan and his wife, including 179 acres at Kannehalli village in Mudigere.

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The seizure highlights the increasing vigilance of ED and investigative agencies in protecting homebuyers’ interests and cracking down on fraudulent real estate activities in Bengaluru and Karnataka. Authorities have confirmed that further investigation is ongoing, with additional assets potentially being traced and attached.