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The Hindu
03-08-2025
- Business
- The Hindu
Promoters of Ozone Urbana diverted project funds, says ED
The recent raids on the promoters of the much-delayed realty project Ozone Urbana Housing Township in Devanahalli taluk on the outskirts of Bengaluru by the Directorate of Enforcement (ED) on August 1, is said to have revealed that the promoters of the project 'diverted the money collected from the customers meant for completion of the project to other group entities and individuals not connected to the project'. In a statement issued on Sunday, ED said that during the search operations, various incriminating documents related to diversion and misappropriation of project funds have been found and seized from the various premises. Evidence with respect to double sale of a few flats has also been gathered and seized during the course of investigation, ED said. ED had raided 10 premises linked to the promoter of the project Ozone Urbana Infra Developers Pvt. Ltd. and its key management personnel in Bengaluru and Mumbai under Prevention of Money Laundering Act (PMLA), 2002. The main promoter of this group is Satyamoorthi Vasudevan, ED said. 'The investigation under PMLA, 2002, revealed that the accused company along with and its key management personnel have cheated hundreds of gullible customers by taking money from them for its project by the name Ozone Urbana and failing to deliver promised flats to money was collected from customers by inducing them and promising to pay EMIs to the banks against the loans taken by the home buyers till completion of the project. The company has also promised many buyers huge discounts in the name of various schemes such as buyback schemes,' ED said in its statement on Sunday. The integrated township project was to be handed over to buyers in 2018. However, till 2024, only 49% of the project was completed. Thus, the company neither handed over the project nor returned the money to the buyers.
Hans India
02-08-2025
- Business
- Hans India
ED raids against Bengaluru group in homebuyers ‘fraud' case
Bengaluru: The Enforcement Directorate on Friday conducted searches against a Bengaluru-based real estate company and its promoters who are accused of duping home buyers worth crores of rupees in the name of selling them flats in their residential project, official sources said. At least ten premises of Ozone Urbana Developers Pvt. Ltd. and its key management personnel were raided in Bangalore and Mumbai under the Prevention of Money Laundering Act (PMLA), the sources said. The main promoter of the group is Satyamoorthi Vasudevan. The company and its promoters were booked by the ED after taking cognisance of multiple police FIRs registered against them related to a residential project named Ozone Urbana in Devanahalli Taluk of Bengaluru. The integrated township project was to be handed over to buyers in 2018. However, till 2024, only 49 per cent of the project was completed, the sources said. The company 'failed' to hand over the project and has neither returned the money to the buyers, they claimed. It is alleged that the accused company and its key management personnel 'cheated' gullible home buyers by promising to pay their bank EMIs (taken for purchase of homes) until completion of the project. The company also promised many buyers 'huge' discounts, if they pay full amount in advance against the bookings and it also allegedly lured them with a 'buyback scheme'. It is alleged that the directors of the said company cheated its buyers collectively to the tune of hundreds of crores and misappropriated the funds, the ED sources said.
Time of India
01-08-2025
- Business
- Time of India
ED raids against Ozone Urbana Developers in homebuyers 'fraud' case
BENGALURU : The Enforcement Directorate on Friday conducted searches against a Bengaluru-based real estate company and its promoters who are accused of duping home buyers worth crores of rupees in the name of selling them flats in their residential project, official sources said. At least ten premises of Ozone Urbana Developers Pvt. Ltd. and its key management personnel were raided in Bangalore and Mumbai under the Prevention of Money Laundering Act (PMLA), the sources said. The main promoter of the group is Satyamoorthi Vasudevan . The company and its promoters were booked by the ED after taking cognisance of multiple police FIRs registered against them related to a residential project named Ozone Urbana in Devanahalli Taluk of Bengaluru. The integrated township project was to be handed over to buyers in 2018. However, till 2024, only 49 per cent of the project was completed, the sources said. The company "failed" to hand over the project and has neither returned the money to the buyers, they claimed. It is alleged that the accused company and its key management personnel "cheated" gullible home buyers by promising to pay their bank EMIs (taken for purchase of homes) until completion of the project. The company also promised many buyers "huge" discounts, if they pay full amount in advance against the bookings and it also allegedly lured them with a "buyback scheme". It is alleged that the directors of the said company cheated its buyers collectively to the tune of hundreds of crores and misappropriated the funds, the ED sources said.
The Hindu
01-08-2025
- Business
- The Hindu
ED raids on promoters of defaulting realty project Ozone Urbana in Bengaluru, Mumbai
The Directorate of Enforcement (ED) began raids at 10 premises linked to the promoters of the Ozone Urbana Housing Township, at Kannamangala in Devanahalli taluk on the outskirts of Bengaluru, who are one of the biggest defaulters of Karnataka Real Estate Regulatory Authority (RERA-K) revenue recovery orders. Thousands of home buyers have been fighting the promoters of the project over delays and lack of refunds despite several orders from RERA-K. This is the second case where promoters of a real estate project in Bengaluru have been raided by the ED. In 2022, ED had raided and provisionally attached properties worth ₹300 crore linked to Mantri Developers Private Limited, and arrested its promoter Sushil P. Mantri. In a statement issued on the raids on August 1, ED stated that raids were being conducted under Prevention of Money Laundering Act, 2002 at 10 premises linked to Ozone Urbana Developers Private Limited and its key management personnel in Bengaluru and Mumbai. The main promoter of this group is Satyamoorthi Vasudevan, ED stated. The company and its promoters are named in multiple FIRs for cheating people in Karnataka, based on which ED has registered a Enforcement Case Information Report (ECIR), and conducted the raids. 'The integrated township project was to be handed over to buyers in 2018. However, till 2024, only 49% of the project was completed. The company has failed to hand over the project and has neither returned the money to buyers. It is alleged that the accused company, along with its key management personnel, have cheated various gullible customers to the tune of hundreds of crores and misappropriated the funds,' according to the ED statement. The company lured buyers 'by promising to pay EMIs to the banks against the loans taken by the home buyers from the financial institutions on behalf of the buyers until completion of the project, by promising huge discounts if buyers pay the full amount in advance against the bookings, and with a buyback scheme,' according to the ED statement. Homebuyers are 'hopeful now' The raids have come as a relief to home buyers, as despite RERA-K orders for revenue recovery and refund to several home buyers, the company hasn't paid up. In a total of 211 cases, RERA-K issued revenue recovery orders worth ₹186.36 crore, of which only in 10 cases the orders have been implemented and ₹7.53 crore recovered. In the remaining 201 cases, revenue recovery orders amounting to ₹178.82 crore are yet to be implemented. One such homebuyer, Vinod Kumar, who had moved for a refund and got a first-of-its kind order from RERA-K in February 2025, said the ED raids had raised hopes of homebuyers, who have sought a refund, that they will get their money back. 'The township includes 3 apartment projects, of 320, 300 and 1,200 flats. I had paid for a flat in the first project in which 320 flats were offered in 10 towers. While flats in eight towers have been handed over to homebuyers, my flat is the remaining towers. I have moved for a refund. Meanwhile, not one flat in the other two projects, including the one with 1,200 flats, has been handed over to homebuyers,' Vinod Kumar said. Landmark order Vinod Kumar and Parul Chaudhary had appealed to RERA-K that as Ozone Urbana Developers Private Limited owed more than ₹170 crore in the form of execution orders, but cannot satisfy these orders as they have no company assets, the directors of the company should be impleaded in the execution proceedings. In a landmark order, RERA-K had held seven directors of the company 'liable and responsible for the acts of the company', and ordered for the directors to be impleaded in the execution orders. This meant that revenue recovery could be made from their personal assets as well. However, on an appeal by the company, the High Court of Karnataka gave a stay on this order, sources said.
Hindustan Times
01-08-2025
- Business
- Hindustan Times
ED raids against Bengaluru group in homebuyers 'fraud' case
Bengaluru, Aug 1 (PTI) The Enforcement Directorate on August 1 conducted searches against a Bengaluru-based real estate company and its promoters who are accused of duping home buyers worth crores of rupees in the name of selling them flats in their residential project, official sources said. The Enforcement Directorate on August 1 conducted searches against a Bengaluru-based real estate company and its promoters who are accused of duping home buyers worth crores of rupees. (Representational photo)(HT photo) At least ten premises of Ozone Urbana Developers Pvt. Ltd. and its key management personnel were raided in Bangalore and Mumbai under the Prevention of Money Laundering Act (PMLA), the sources said. The main promoter of the group is Satyamoorthi Vasudevan. The company and its promoters were booked by the ED after taking cognisance of multiple police FIRs registered against them related to a residential project named Ozone Urbana in Devanahalli Taluk of Bengaluru. The integrated township project was to be handed over to buyers in 2018. However, till 2024, only 49 per cent of the project was completed, the sources said. The company "failed" to hand over the project and has neither returned the money to the buyers, they claimed. It is alleged that the accused company and its key management personnel "cheated" gullible home buyers by promising to pay their bank EMIs (taken for purchase of homes) until completion of the project. The company also promised many buyers "huge" discounts, if they pay full amount in advance against the bookings and it also allegedly lured them with a "buyback scheme". It is alleged that the directors of the said company cheated its buyers collectively to the tune of hundreds of crores and misappropriated the funds, the ED sources said.
