Bengaluru, Oct 4 (IANS) The Directorate of Enforcement (ED), Bangalore has issued a provisional attachment order on Saturday under the Prevention of Money Laundering Act (PMLA), 2002, attaching immovable properties amounting to Rs 423.38 crores of Ozone Urbana Infra Developers Pvt. Ltd. and others.

According to an official statement by the ED on Saturday, the main allegation against the company Ozone Urbana Infra Developers Pvt. Ltd. is that it has defaulted in completion of construction of projection in time and failed to hand over the possession to the customers.

It is alleged that the company induced the gullible customers by offering to pay pre-construction EMIs till handing over the possession of the flat to home buyers, the ED said.

However, it has failed to honour its commitments and did not complete the project/flats. The builder neither delivered possession of the residential units to homebuyers nor refunded their deposited amount and misappropriated the entire upfront booking amount/loan amount.

Investigation in this case by ED was initiated on the basis of multiple FIRs under sections 419, 420 and 120B of Indian Penal Code, 1860 registered at various police stations of Bengaluru City against Ozone Urbana Infra Developers Pvt. Ltd and its promoters.

Further, a FIR was also registered against the company and its promoter by the CBI, New Delhi on the direction of the Supreme Court.

Earlier, (ED), Bangalore Zonal Office has conducted search operations under Section 17 of PMLA, 2002 on August 1 at 10 premises in this case and seized various incriminating documents related to diversion and misappropriation of project fund from the various premises.

Further, during the course of ED investigation, it is revealed that Ozone Urbana Infra Developers Pvt. Ltd. along with S. Vasudevan (main promoter) have defrauded the home buyers to the tune of Rs 927.22 crore and did not deliver possession of apartments/units against the said money, thereby dishonestly retaining and diverting the funds.

The accused diverted the funds to the other group entities and associated individuals including S. Vasudevan himself and his family members.

Therefore, the company and S Vasudevan have generated proceeds of crime to the tune of Rs.927.22 crores and routed the same through various entities and used for the purpose other than the funds actually meant for i.e. for construction and development of projects in Ozone Urbana Infra Developers Pvt. Ltd.

Thus, in order to safeguard the interest of the customers, immovable properties of the Ozone Urbana Infra Developers Pvt. Ltd. (Unsold stock in the Avenue (92 flats) and Aqua 2 projects (13 flats), 4.5 Acres of commercial land) and personal properties of its promoter S. Vasudevan along with his wife (179 acres of land at Kannehalli Village, Mudigere) all totalling to the tune of Rs. 423.38 Crores has been provisionally attached.

Further investigation under PMLA is in progress, the ED said.

–IANS

mka/pgh