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12h ago

ED Attaches ₹423.38 Crore in Ozone Urbana Assets in PMLA Probe

The move follows Supreme Court‑directed CBI cases into alleged misuse of a subvention model that left buyers servicing loans without possession.

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Overview

  • Ozone Urbana Infra Developers and promoter S. Vasudevan face provisional attachment of unsold flats, commercial land and family‑linked properties valued at ₹423.38 crore.
  • Assets identified include 92 unsold flats in Avenue, 13 in Aqua 2, 4.5 acres of commercial land, and 179 acres tied to Vasudevan’s wife in Kannehalli village, Mudigere.
  • ED alleges buyer funds of about ₹927.22 crore were diverted to group entities and associates instead of being used for construction and delivery.
  • The agency says the order aims to safeguard potential recovery for affected homebuyers pending PMLA adjudication and related criminal proceedings.
  • Saturday’s action follows August 1 searches by the ED and stems from CBI FIRs registered on the Supreme Court’s directions into subvention‑scheme abuse.