Promoters of Ozone Urbana diverted project funds, says ED
In a statement issued on Sunday, ED said that during the search operations, various incriminating documents related to diversion and misappropriation of project funds have been found and seized from the various premises. Evidence with respect to double sale of a few flats has also been gathered and seized during the course of investigation, ED said.
ED had raided 10 premises linked to the promoter of the project Ozone Urbana Infra Developers Pvt. Ltd. and its key management personnel in Bengaluru and Mumbai under Prevention of Money Laundering Act (PMLA), 2002. The main promoter of this group is Satyamoorthi Vasudevan, ED said.
'The investigation under PMLA, 2002, revealed that the accused company along with and its key management personnel have cheated hundreds of gullible customers by taking money from them for its project by the name Ozone Urbana and failing to deliver promised flats to them.The money was collected from customers by inducing them and promising to pay EMIs to the banks against the loans taken by the home buyers till completion of the project. The company has also promised many buyers huge discounts in the name of various schemes such as buyback schemes,' ED said in its statement on Sunday.
The integrated township project was to be handed over to buyers in 2018. However, till 2024, only 49% of the project was completed. Thus, the company neither handed over the project nor returned the money to the buyers.
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