ED has given Bangalore’s big real estate company Ozone Urbana Infra Developers Pvt. Ltd. And has taken major action against its promoters. In the case of money laundering, ED has attached assets worth Rs 423.38 crore on 4 October 2025. This action has been taken under PMla.
ED investigation is based on several FIRs, which were registered in different police stations in Bangalore city. In these FIRs, the company and its promoters were accused of fraud and conspiracy. Apart from this, on the order of the Supreme Court, CBI, EO-I, New Delhi also registered a case against the company.
Thousands of home buyers do not capture flat
Investigation has revealed that Ozone Urbana Infra Developers Pvt. Ltd. Did not complete their housing projects on time and did not capture the flat to thousands of home buyers. The company had promised to woo the people that the EMI of home loan would be filled itself till it is captured, but later neither gave EMI nor returned flat or money. ED investigation has revealed that the company and its promoter S.K. Vasudevan grabbed around Rs 927 crore from buyers … He transferred this money to the accounts of other group companies and his family … Investigation also found that the money that the builder had taken for the project development was spent elsewhere …
Raid at 10 places
The Bangalore zonal team of ED conducted raids at 10 places on 1 August 2025. Many important documents and evidence were found from there, which revealed the fund diversion. Now, ED has attached the assets of the company and its promoter provisional. In this, Ozone Urbana Infra Developers Pvt. Ltd. 92 flats of Avenue Project, 13 flats of Aqua-2 project, 4.5 acres of commercial land and promoter S. Vasudevan and his wife have 179 acres of land. The total price of all these properties has been stated to be Rs 423.38 crore. However, the investigation of the case is going on.
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