ED Conducts Raids on Ozone Urbania Housing Project Amid Buyer Complaints
Enforcement Directorate Targets Ozone Urbania Promoters
On Friday, the Enforcement Directorate (ED) executed searches at ten locations associated with the promoters of the Ozone Urbania Housing Township in Kannamangala, Devanahalli Taluk, Bengaluru. This action follows numerous complaints from homebuyers who have been struggling with significant delays and a lack of refunds, despite several directives from RERA-Karnataka.
This is not the first time that real estate promoters in Bengaluru have faced scrutiny from the ED. In 2022, the agency had previously raided properties linked to Mantri Developers Private Limited, provisionally attaching assets valued at Rs 3,000 crore.
According to officials, the ED's investigations involved searches at ten sites connected to the builder group and its senior management in both Bengaluru and Mumbai.
The searches are ongoing, with the ED's Bengaluru zonal office conducting them under Section 17 of the Prevention of Money Laundering Act (PMLA).
Officials stated, "The integrated township project was supposed to be delivered to buyers by 2018. However, as of 2024, only 49% of the project has been completed. The company has neither delivered the project nor refunded the buyers' money."
It is alleged that the company and its management misled numerous customers through various means.
The ED claims that the firm and its key personnel deceived customers by promising to cover EMIs for loans taken by homebuyers until the project's completion and offering substantial discounts for upfront payments.
Additionally, the builder is accused of enticing buyers with schemes such as buyback and 2X-scheme for those purchasing units, flats, and apartments in the project.
The directors of the company are alleged to have collectively defrauded buyers of hundreds of crores and misappropriated funds.
Officials noted that multiple FIRs have been filed against the company and its promoters, prompting the investigation under the PMLA.