The Enforcement Directorate (ED) conducted raids against Bengaluru-based real estate firm Ozone Urbana Developers Pvt. Ltd. and its promoters, following allegations of large-scale cheating of homebuyers. The raids were carried out under provisions of the Prevention of Money Laundering Act (PMLA) and spanned at least ten locations across Bengaluru and Mumbai.
According to ED sources, the raids were based on multiple FIRs registered against the company and its promoters. The complaints stem from the company’s flagship residential township project, Ozone Urbana, located in Devanahalli Taluk, Bengaluru. Buyers alleged that the project, initially promised for handover in 2018, remains largely incomplete. As of 2024, only 49% of the construction had been executed, despite full payment from several customers.
Satyamoorthi Vasudevan, the main promoter of the company, is under investigation. Authorities claim the firm misled hundreds of buyers through a range of inducements, including promises to pay their home loan EMIs until project completion. Many customers were also offered substantial discounts on the condition that they pay the full apartment cost upfront. Additionally, the company is alleged to have floated a buyback scheme to attract investments, which it failed to honour.
The ED believes that the funds collected were misappropriated by the promoters and key management personnel rather than being used for project execution. Official sources stated that the accused firm defrauded homebuyers collectively to the tune of several hundred crores of rupees. The buyers neither received possession of their flats nor a refund of their investments, resulting in widespread complaints and legal actions.
The investigation, which follows police action initiated through various FIRs lodged by aggrieved homebuyers in Karnataka, aims to trace the flow of funds and establish whether the promoters diverted the money for unrelated purposes. Documents, digital records, and financial statements were seized during the raids to support the money laundering charges under the PMLA.
Ozone Urbana Developers had marketed the integrated township as a landmark residential offering in North Bengaluru, with multiple apartment blocks, villas, and commercial spaces. Its failure to deliver has left several families financially strained, especially those who had committed to loans and EMIs based on the company’s original delivery schedule.
As of now, no arrests have been reported. The ED is continuing its forensic review of the financial transactions and beneficiary accounts linked to the promoters and related entities.
The agency is expected to summon key company officials for questioning in the coming weeks. The case adds to the growing list of real estate-related financial frauds in the region and reflects broader concerns around regulatory compliance and accountability in large-scale housing developments.
Image source- enforcementdirectorate.gov.in
.png)