The Directorate of Enforcement (ED) has provisionally attached immovable properties amounting to ₹423.38 crores of Ozone Urbana Infra Developers Pvt. Ltd. and its promoters.
Ozone Urbana Infra Developers Pvt. Ltd. is accused of not only delaying the completion of the realty project after collecting money from homebuyers, leaving them in a lurch for years now, but also diverting this money to buy personal assets for its promoters. The Central Bureau of Investigation (CBI) has also been probing the case based on directions of the Supreme Court.
“In order to safeguard the interest of the customers, immovable properties of the Ozone Urbana Infra Developers Pvt. Ltd. (Unsold stock in the Avenue (92 flats) and Aqua 2 projects (13 flats), 4.5 Acres of commercial land) and personal properties of its promoter S. Vasudevan along with his wife (179 acres of land at Kannehalli Village, Mudigere) all totalling to the tune of ₹423.38 crores has been provisionally attached,” ED further said, giving out details of the properties provisionally attached in the case.
Raids in August
It can be recalled that ED had raided the firm and its promoters on August 1, 2025. ED had then claimed that its raids uncovered Ozone Urbana Infra Developers Pvt. Ltd., along with S. Vasudevan (main promoter), had defrauded the home buyers to the tune of ₹927.22 crore.
“The accused diverted the funds to the other group entities and associated individuals including S. Vasudevan himself and his family members generated the proceeds of crime to the tune of ₹927.22 crore and routed the same through various entities and used for the purpose other than the funds actually meant for the construction and development of projects in Ozone Urbana Infra Developers Pvt. Ltd,” ED said in a statement on Saturday.
Published – October 04, 2025 09:28 pm IST
