The Enforcement Directorate (ED) on Saturday (October 04, 2025) in a case related to alleged fraud with flat buyers under the Prevention of Money Laidy Act captured Anbike flat and land worth more than Rs 423 crore from the promoters of a real estate company in Karnataka.
The ED said that this action was taken by Ozone Arbana Infra Developers and its main promoter S.K. It has been done against Vadudevan.
The investigating agency said in a statement that under the Avenue (92 Flat) and Aqua-2 projects (13 flats) under the Money Prevention Act (PMLA), a provisional order was issued to attach 4.5 acres of commercial land and Vasudevan’s personal properties besides the non-sold flats.
On the direction of the Supreme Court CBI FIR was filed
According to the statement, the attached property also includes 179 acres of land in Kannehalli village of Mudigere (Chikkamagaluru district) registered in the name of Vasudevan’s wife. It states that the total value of the attached properties has been estimated at Rs 423.38 crore.
According to the statement, this case of money refinement stems from an FIR of the Central Bureau of Investigation (CBI), which was registered on the direction of the Supreme Court. The ED raided the matter in August.
What happened in ED investigation,
The ED alleges that Ozone Arbana Infra Developers and Vasudevan cheated the flat buyers Rs 927.22 crore and did not capture the apartment/flat in exchange for the said amount, which was dishonestly kept with them and used elsewhere.
The agency claimed that the accused transferred money to other group companies and related persons, including Vasudevan and his family members.
The ED said that in this way Ozone Arbana Infra Developers and Vasudevan earned an illegal income of Rs 927.22 crore and transferred it through various institutions and used for purposes other than real items.
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