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2d ago

ED Raids Bengaluru and Mumbai Premises of Ozone Urbana Developers Under PMLA

The searches aim to gather evidence under the Prevention of Money Laundering Act after allegations that Ozone Urbana misused hundreds of crores of buyer funds in its stalled Devanahalli township project.

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The Enforcement Directorate on August 1 conducted searches against a Bengaluru-based real estate company and its promoters who are accused of duping home buyers worth crores of rupees. (Representational photo)

Overview

  • The Enforcement Directorate on August 1 conducted searches at ten locations linked to Ozone Urbana Developers Pvt. Ltd. and its key management in Bengaluru and Mumbai under Section 17 of the PMLA.
  • The action follows multiple FIRs and 211 RERA-K revenue recovery orders against the developer for failing to deliver its integrated township—launched in 2018 and only 49% complete by 2024.
  • Investigators allege promoters lured homebuyers with EMI payment guarantees, hefty advance‐payment discounts and buyback/2X schemes before misappropriating hundreds of crores of rupees.
  • Ozone Urbana ranks among RERA-K’s largest defaulters with ₹186.36 crore in recovery orders and only ₹7.53 crore realized, and a Karnataka High Court stay is blocking attempts to hold directors personally liable.
  • Homebuyers say the raids raise hopes of unlocking stalled refunds and project completions as the ED’s probe continues to trace proceeds of crime and determine formal money-laundering charges.