ED Cracks Down on Ozone Urbana Infra Developers, Attaches Flats, Land Worth Rs423 Crore in PMLA Case
Moneylife Digital Team 06 October 2025
The Begaluru zonal office of the directorate of enforcement (ED) has provisionally attached assets worth Rs423.38 crore belonging to Bengaluru-based Ozone Urbana Infra Developers Pvt Ltd and its promoter S Vasudevan, in a money laundering probe linked to a massive homebuyer fraud. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002, through an order issued on 4 October 2025 by the Begaluru zonal office.
 
The probe began following multiple first information reports (FIRs) filed across Bengaluru under sections 419, 420 and 120B of the Indian Penal Code (IPC) and a separate case initiated by central bureau of investigation (CBI) on the directions from the Supreme Court. 
 
Investigators alleged that Ozone Urbana Infra Developers lured customers by promising to pay pre-construction equated monthly instalments (EMIs) until possession of flats was handed over. However, the company defaulted on its commitments, neither completing the projects nor refunding the deposited amounts, thereby misappropriating funds from hundreds of home-buyers.
 
According to ED, the developer and its promoter dishonestly diverted funds amounting to Rs927.22 crore. Instead of utilising the money for construction, the company allegedly routed it through group entities and associated individuals, including Mr Vasudevan and his family members, for purposes unrelated to the projects. “The company and Mr Vasudevan have generated proceeds of crime to the tune of Rs927.22 crore and diverted them for personal and other uses,” the agency says.
 
The assets attached by ED include 92 unsold flats in the Avenue project, 13 flats in the Aqua 2 project, 4.5 acres of commercial land, and large parcels of personal property owned by Mr Vasudevan and his wife — including 179 acres of land in Kannehalli village, Mudigere, Karnataka.
 
Earlier, on 1 August 2025, the agency had conducted searches at 10 locations, seizing incriminating documents that allegedly showed diversion and misappropriation of project funds.
 
In its statement, ED says the attachments were aimed at safeguarding the interests of defrauded homebuyers, adding that further investigation under PMLA was ongoing.
 
The action comes amid a rising number of enforcement cases involving real estate developers accused of duping customers by delaying projects, misusing funds, and violating contractual promises.
 
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