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The Enforcement Directorate (ED) has provisionally attached assets valued at INR 423.38 crore belonging to Bengaluru-based Ozone Urbana Infra Developers and its promoter S. Vasudevan under the Prevention of Money Laundering Act (PMLA). The move follows allegations that the company defrauded homebuyers of INR 927.22 crore by not delivering apartments and diverting funds to other entities and family members. The attached assets include unsold flats, commercial land, and personal properties, including 179 acres owned by Vasudevan's wife in Chikkamagaluru. This case originated from a CBI FIR filed under Supreme Court directions.
The Enforcement Directorate (ED) has taken action against Bengaluru-based Ozone Urbana Infra Developers and its promoter S. Vasudevan by attaching properties worth INR 423.38 crore under the Prevention of Money Laundering Act (PMLA). This step comes as part of an ongoing investigation into alleged financial irregularities and fraud involving homebuyers. Advertisement
The provisional order issued by the ED includes unsold flats from the Avenue and Aqua 2 projects, totaling 105 units. In addition, 4.5 acres of commercial land and personal assets of Vasudevan and his wife, including 179 acres of land in Kannehalli village, Mudigere (Chikkamagaluru district), have been attached.
The case traces back to a Central Bureau of Investigation (CBI) FIR registered following directions from the Supreme Court. The ED had conducted searches earlier in the year and discovered that funds collected from homebuyers were not used for the intended construction projects. Instead, the money was allegedly diverted to other group entities and associated individuals, including Vasudevan and his family. The total proceeds of crime identified in this case amount to INR 927.22 crore, which were routed through multiple entities for purposes unrelated to the real estate projects.
The ED stated that the company and its promoter retained the funds dishonestly, failing to provide possession of apartments despite collecting payments. The attached properties reflect part of the value of these diverted funds and include both commercial and residential assets.
Source PTI
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