Ozone Urbana Infra Developers Pvt. Ltd. is accused of not solely delaying the completion of the realty venture after amassing cash from homebuyers, leaving them in a lurch for years now, but in addition diverting this cash to purchase private property for its promoters. The Central Bureau of Investigation (CBI) has additionally been probing the case based mostly on instructions of the Supreme Court.
“In order to safeguard the curiosity of the purchasers, immovable properties of the Ozone Urbana Infra Developers Pvt. Ltd. (Unsold inventory within the Avenue (92 flats) and Aqua 2 tasks (13 flats), 4.5 Acres of business land) and private properties of its promoter S. Vasudevan alongside together with his spouse (179 acres of land at Kannehalli Village, Mudigere) all totalling to the tune of ₹423.38 crores has been provisionally hooked up,” ED additional mentioned, giving out particulars of the properties provisionally hooked up within the case.
Raids in August
It might be recalled that ED had raided the agency and its promoters on August 1, 2025. ED had then claimed that its raids uncovered Ozone Urbana Infra Developers Pvt. Ltd., together with S. Vasudevan (predominant promoter), had defrauded the house patrons to the tune of ₹927.22 crore.
“The accused diverted the funds to the opposite group entities and related people together with S. Vasudevan himself and his relations generated the proceeds of crime to the tune of ₹927.22 crore and routed the identical via varied entities and used for the aim aside from the funds really meant for the development and improvement of tasks in Ozone Urbana Infra Developers Pvt. Ltd,” ED mentioned in a press release on Saturday.
Published – October 04, 2025 09:28 pm IST
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