Bengaluru, Aug 3 The ED seized incriminating documents related to diversion and misappropriation of township project fund during searches at 10 premises in Bangalore and Mumbai linked to Ozone Urbana Infra Developers and its key management personnel, an official said on Sunday.
The Enforcement Directorate (ED), Bangalore Zonal Office, conducted the searches on August 1, 2025, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The main promoter of this group is Satyamoorthi Vasudevan, the ED said.
During the search operation, various incriminating documents related to diversion and misappropriation of project funds have been found and seized from various premises.
The ED initiated an investigation under PMLA on the basis of multiple FIRs registered by the various Police Stations of Karnataka against the company and its promoters, on allegations of cheating, cheating by impersonation and criminal conspiracy.
The investigation under PMLA revealed that the accused company, along with its key management personnel, have cheated hundreds of gullible customers by taking money from them for its project by the name Ozone Urbana in Devanahalli Taluk, Bangalore and failing to deliver promised flats to them.
The money was collected from customers by inducing them and promising to pay EMIs to the banks against the loans taken by the home buyers till completion of the project, the ED statement said.
The company had also promised many buyers huge discounts in the name of various schemes, such as the buyback scheme and 2X- scheme, it said.
However, the money collected from the customers meant for the completion of the project was diverted by the promoters to other group entities and individuals not connected to the project.
The integrated township project was to be handed over to buyers in 2018. However, till 2024, only 49 per cent of the project was completed. Thus, the company neither handed over the project nor returned the money to the buyers.
Evidence with respect to the double sale of a few flats has also been gathered and seized during the course of the investigation, the ED said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor