ED Attaches ₹423 Crore Assets in Karnataka Real Estate Fraud Case
The Enforcement Directorate (ED) has attached assets worth over ₹423 crore of a Bengaluru-based real estate firm and its promoter, S Vadudevan, in a case involving the alleged duping of homebuyers.
Real EstateFraudEdAsset AttachmentKarnatakaReal Estate NewsOct 04, 2025
The action includes the attachment of unsold stock in the Avenue (92 flats) and Aqua 2 projects (13 flats) of the company. Additionally, 4.5 acres of commercial land and personal properties of Vasudevan have been seized. The total value of these properties is ₹423.38 crore, as stated in the ED's provisional order issued under the Prevention of Money Laundering Act (PMLA).
The ED's action is based on a CBI FIR registered on the directions of the Supreme Court. The agency had conducted searches in this case in August. According to the ED, Ozone Urbana Infra Developers and Vasudevan defrauded homebuyers to the tune of ₹927.22 crore. They did not deliver possession of apartments or units against the money paid, thereby dishonestly retaining and diverting the funds.
The accused are alleged to have diverted the funds to other group entities and associated individuals, including Vasudevan himself and his family members. The company and Vasudevan generated proceeds of crime amounting to ₹927.22 crore, which were routed through various entities and used for purposes other than the intended construction and development of realty projects.
The attachment also includes 179 acres of land in Kannehalli village, Mudigere (Chikkamagaluru district), owned by Vasudevan's wife. The ED's move is a significant step in the ongoing investigation to recover the funds and hold the accused accountable for their actions.
This case highlights the importance of stringent regulations and enforcement in the real estate sector to protect homebuyers from fraudulent practices. The ED's proactive approach in attaching the assets is expected to send a strong message to other potential fraudsters in the industry.
Frequently Asked Questions
What is the total value of the assets attached by the ED?
The total value of the assets attached by the ED is ₹423.38 crore.
Who is the main promoter of Ozone Urbana Infra Developers?
The main promoter of Ozone Urbana Infra Developers is S Vadudevan.
What projects are involved in the asset attachment?
The projects involved in the asset attachment are the Avenue (92 flats) and Aqua 2 (13 flats) projects.
How much money did the company and Vasudevan allegedly defraud from homebuyers?
The company and Vasudevan allegedly defrauded homebuyers to the tune of ₹927.22 crore.
What law was used to attach the assets?
The assets were attached under the Prevention of Money Laundering Act (PMLA).
Related News Articles
RERA Cases Weekly Round-Up: Relief for Homebuyers Across India
From refund orders to structural defect rectification
Gurugram Leads Housing Price Surge, Mumbai Lagging Behind
In the last five years, the average price of new housing projects in India’s top 10 cities has surged by 88%, with Gurugram leading the pack at a 160% increase. Mumbai, on the other hand, has seen the lowest rise at 37%. This surge is attributed to massiv
Anant Raj Reports 75% Increase in Net Profit for Q2 FY25
Anant Raj has announced a significant 75% increase in its net profit for the second quarter of the fiscal year 2025. The company also reported a 53.67% rise in its net consolidated total income. This robust growth is a testament to the company's strategic
DLF JV Firm Sells IT Park in West Bengal's Largest Real Estate Deal for Rs 637 Cr
In a significant move, DLF, the country's largest real estate developer by market cap, has completed the sale of an IT park in West Bengal for Rs 637 crore. The deal, involving a joint venture firm, marks one of the largest real estate transactions in the
Eleganz Interiors Files DRHP with NSE Emerge
Eleganz Interiors plans to use Rs 25 crore from the IPO proceeds to repay a portion of its outstanding borrowings, as it files its DRHP with NSE Emerge.
Tata Steel Slapped with Rs 146 Mn Fine for Delay in Stamp Duty Payment
Tata Steel, one of India's leading steel producers, has been penalized with a fine of Rs 146 million by the Maharashtra government for failing to timely pay the stamp duty. The fine, as per the company's exchange filing, highlights the importance of adher