ED Searches Ozone Urbana Developers in Alleged Real Estate Fraud

Bengaluru, Aug 1 (PTI) The Enforcement Directorate (ED) carried out searches on Friday targeting a Bengaluru-based real estate firm, Ozone Urbana Developers Pvt. Ltd., and its promoters for allegedly defrauding home buyers of substantial sums under the guise of selling apartments in their residential project, according to official sources.

Operations took place at ten locations associated with the company, including sites in Bangalore and Mumbai. These actions were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), based on information from sources. The principal promoter involved is Satyamoorthi Vasudevan.

The investigation began after the ED reviewed multiple police FIRs filed against the company concerning their residential project, Ozone Urbana, located in Devanahalli Taluk, Bengaluru. The project, an integrated township, was initially scheduled for completion and handover to buyers in 2018. However, by 2024, only 49 percent of the work had been completed.

According to claims, the company did not fulfill its commitment to deliver the project or refund the buyers' money. They allegedly misled home buyers by promising to cover their bank EMIs (loans taken for the homes) until the project was completed.

Further allegations state that the company enticed many buyers with significant discounts for full advance payments on bookings and offered a "buyback scheme" to sweeten the deal.

The ED sources noted that the company's directors purportedly defrauded buyers for hundreds of crores and misused the funds.

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