ED Seizes Properties Worth Rs 423 Crores in Bengaluru Real Estate Fraud
The Enforcement Directorate (ED) has provisionally attached properties worth Rs 423.38 crores in connection with a real estate fraud case against Ozone Urbana Infra Developers Pvt. Ltd. and its promoters. The company is accused of misappropriating funds and failing to deliver residential units to homebuyers. Further investigation is ongoing.
Real Estate FraudEdOzone Urbana Infra Developers Pvt LtdBengaluruS VasudevanReal Estate NewsOct 04, 2025
The primary allegation against Ozone Urbana Infra Developers Pvt. Ltd. is that it defaulted on completing construction projects on time and failed to hand over possession to customers. The company is accused of inducing potential buyers by offering to pay pre-construction EMIs until the flats were handed over. However, it failed to honour these commitments and did not complete the projects. The builder neither delivered the residential units to homebuyers nor refunded their money, instead misappropriating the entire upfront booking amount and loan disbursals.
Earlier, the ED's Bengaluru Zonal Office conducted search operations under Section 17 of the PMLA, 2002, on August 1, 2025, at 10 premises in this case. These searches led to the seizure of various incriminating documents related to the diversion and misappropriation of project funds. During its investigation, the ED discovered that Ozone Urbana Infra Developers Pvt. Ltd., along with its main promoter, S. Vasudevan, defrauded home buyers of approximately Rs 927.22 crores. The accused did not deliver the apartments/units and instead dishonestly diverted the funds to other group entities and associated individuals, including Vasudevan and his family members. Consequently, the company and S. Vasudevan generated proceeds of crime amounting to Rs 927.22 crores, routing them through various entities and using them for purposes other than the intended construction and development.
To safeguard the customers' interests, the ED has provisionally attached immovable properties, including unsold stock in the 'Avenue' (92 flats) and 'Aqua 2' (13 flats) projects, 4.5 acres of commercial land belonging to the company, and personal properties of its promoter S. Vasudevan and his wife (179 acres of land at Kannehalli Village, Mudigere). The total value of the attached properties is Rs 423.38 crores. Further investigation is ongoing.
Frequently Asked Questions
What is the total value of the properties attached by the ED?
The total value of the properties provisionally attached by the ED is Rs 423.38 crores.
Who is the main promoter of Ozone Urbana Infra Developers Pvt. Ltd.?
The main promoter of Ozone Urbana Infra Developers Pvt. Ltd. is S. Vasudevan.
What are the primary allegations against Ozone Urbana Infra Developers Pvt. Ltd.?
The primary allegations against Ozone Urbana Infra Developers Pvt. Ltd. include defaulting on completing construction projects on time, failing to hand over possession to customers, and misappropriating the upfront booking amount and loan disbursals.
How much money did Ozone Urbana Infra Developers Pvt. Ltd. and S. Vasudevan defraud from homebuyers?
Ozone Urbana Infra Developers Pvt. Ltd. and S. Vasudevan defrauded homebuyers of approximately Rs 927.22 crores.
What properties were attached by the ED?
The ED attached unsold stock in the 'Avenue' (92 flats) and 'Aqua 2' (13 flats) projects, 4.5 acres of commercial land belonging to the company, and personal properties of its promoter S. Vasudevan and his wife (179 acres of land at Kannehalli Village, Mudigere).
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