Archive · 2 Aug 2025
ED Raids Bengaluru Real Estate Firm Over Homebuyer Fraud
A real estate company in Bengaluru is accused of cheating homebuyers who invested in the Ozone Urbana project.
The company took money but didn't finish building the homes on time.
The company promised to pay their bank loans and offered discounts to get people to buy homes.
The government's ED is investigating the company because they think the company did something wrong with the money.
The investigation is ongoing and is looking into what happened to the money and who was involved.
ED conducted searches at Ozone Urbana Developers Pvt. Ltd. in Bengaluru and Mumbai.
The searches were related to allegations of duping homebuyers.
The investigation stems from police FIRs regarding the Ozone Urbana project.
The project, intended for 2018 completion, is only 49% complete as of 2024.
The company allegedly promised EMI payments, discounts, and buyback schemes to attract buyers.
- Who
- Enforcement Directorate (ED) and Ozone Urbana Developers Pvt. Ltd.
- What
- The Enforcement Directorate (ED) conducted search operations.
- When
- July 31, 2024
- Where
- Bengaluru and Mumbai
- Why
- To investigate allegations of money laundering and fraud against homebuyers.
Homebuyers
Ozone Urbana Developers Pvt. Ltd.
Status of Investment
Homebuyers
Homebuyers who invested in the project. The ED is investigating allegations that the company cheated them.
Ozone Urbana Developers Pvt. Ltd.
Ozone Urbana Developers Pvt. Ltd., who have not commented on the matter yet. The ED is investigating allegations of money laundering against them.
- Company Raided
- Ozone Urbana Developers Pvt. Ltd.
- Location of Raids
- Bengaluru and Mumbai
- Law Used
- Prevention of Money Laundering Act (PMLA)
- Project Name
- Ozone Urbana
- Promoter
- Satyamoorthi Vasudevan
- Promised Completion
- 2018
- Current Completion (as of 2024)
- 49%
- Allegations
- Duping homebuyers and money laundering