The Directorate of Enforcement (ED) began raids at 10 premises linked to the promoters of the Ozone Urbana Housing Township, at Kannamangala in Devanahalli taluk on the outskirts of Bengaluru, who are one of the biggest defaulters of Karnataka Real Estate Regulatory Authority (RERA-K) revenue recovery orders. Thousands of home buyers have been fighting the promoters of the project over delays and lack of refunds despite several orders from RERA-K.
This is the second case where promoters of a real estate project in Bengaluru have been raided by the ED. In 2022, ED had raided and provisionally attached properties worth ₹300 crore linked to Mantri Developers Private Limited, and arrested its promoter Sushil P. Mantri.
In a statement issued on the raids on August 1, ED stated that raids were being conducted under Prevention of Money Laundering Act, 2002 at 10 premises linked to Ozone Urbana Developers Private Limited and its key management personnel in Bengaluru and Mumbai. The main promoter of this group is Satyamoorthi Vasudevan, ED stated.
The company and its promoters are named in multiple FIRs for cheating people in Karnataka, based on which ED has registered a Enforcement Case Information Report (ECIR), and conducted the raids.
