The ED seized incriminating paperwork associated to diversion and misappropriation of township mission fund throughout searches at 10 premises in Bangalore and Mumbai linked to Ozone Urbana Infra Builders and its key administration personnel, an official mentioned on Sunday.
The Enforcement Directorate (ED), Bangalore Zonal Workplace, performed the searches on August 1, 2025, underneath the provisions of the Prevention of Cash Laundering Act (PMLA), 2002.
The primary promoter of this group is Satyamoorthi Vasudevan, the ED mentioned.
In the course of the search operation, numerous incriminating paperwork associated to diversion and misappropriation of mission funds have been discovered and seized from numerous premises.
The ED initiated an investigation underneath PMLA on the idea of a number of FIRs registered by the varied Police Stations of Karnataka in opposition to the corporate and its promoters, on allegations of dishonest, dishonest by impersonation and legal conspiracy.
The investigation underneath PMLA revealed that the accused firm, together with its key administration personnel, have cheated lots of of gullible prospects by taking cash from them for its mission by the title Ozone Urbana in Devanahalli Taluk, Bangalore and failing to ship promised flats to them.
The cash was collected from prospects by inducing them and promising to pay EMIs to the banks in opposition to the loans taken by the house patrons until completion of the mission, the ED assertion mentioned.
The corporate had additionally promised many patrons big reductions within the title of varied schemes, such because the buyback scheme and 2X- scheme, it mentioned.
Nonetheless, the cash collected from the purchasers meant for the completion of the mission was diverted by the promoters to different group entities and people not related to the mission.
The built-in township mission was to be handed over to patrons in 2018. Nonetheless, until 2024, solely 49 per cent of the mission was accomplished. Thus, the corporate neither handed over the mission nor returned the cash to the patrons.
Proof with respect to the double sale of some flats has additionally been gathered and seized through the course of the investigation, the ED mentioned.
