Bengaluru: The Directorate of Enforcement (ED), Bengaluru Zone, has provisionally attached immovable properties worth ₹423.38 crore belonging to M/s Ozone Urbana Infra Developers Pvt. Ltd. and its promoters under the Prevention of Money Laundering Act (PMLA), 2002.
The attachment follows an investigation into a series of FIRs filed under Sections 419, 420, and 120B of the IPC across various police stations in Bengaluru City against the company and its promoters. The CBI, New Delhi, is overseeing the probe under directions from the Supreme Court.
According to the ED, the main allegation against Ozone Urbana Infra Developers is that the firm collected large sums of money from customers for residential projects but failed to deliver possession of the units within the promised time frame. Despite taking payments, the builder neither handed over completed homes nor refunded the amounts, thereby misappropriating the funds received from homebuyers.
Search operations conducted earlier this year by ED under Section 17 of PMLA (2022) at multiple premises led to the seizure of crucial documents indicating diversion and misuse of funds.
Further investigation revealed that promoter S. Vasudevan and his wife diverted the collected funds amounting to ₹927.92 crore to unrelated entities and personal investments rather than project development. These included immovable properties in Kanehall Village, Mudigere (179 acres) and commercial assets in Bengaluru.
In total, immovable assets worth ₹423.38 crore—including project lands, commercial areas, and personal holdings of S. Vasudevan—have now been provisionally attached to safeguard the interests of affected homebuyers.
The ED stated that the ongoing investigation aims to trace the complete money trail and secure refund mechanisms for victims.
“Further investigation under PMLA is in progress,” the agency said in its statement.
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