Overview

• The ED’s Bengaluru Zone issued a provisional attachment order on October 4 under the PMLA against Ozone Urbana Infra Developers and promoter S. Vasudevan.
• Attached assets include unsold stock in the Avenue project (92 flats) and Aqua 2 (13 flats), 4.5 acres of commercial land, and 179 acres in Kannehalli held by Vasudevan and his wife.
• The agency alleges Rs 927.22 crore collected from buyers was diverted to group entities and associates instead of completing projects and handing over homes.
• The money-laundering case stems from CBI FIRs registered on the Supreme Court’s directions into alleged misuse of subvention arrangements involving builders, buyers and lenders.
• ED searches in August, including operations across Bengaluru, Mumbai and Kolkata as reported, preceded the attachment, and the probe and asset tracing remain ongoing.