The Enforcement Directorate (ED) has initiated raids on Friday, targeting 10 locations tied to the promoters of the Ozone Urbania Housing Township, located in Devanahalli Taluk, Bengaluru and Mumbai, in response to accusations of fraudulent activities. These actions follow persistent complaints from thousands of homebuyers who have been grappling with substantial project delays and the non-issuance of refunds, despite the issuance of multiple directives by RERA-Karnataka.
This marks a second instance where promoters of a real estate venture in Bengaluru have been brought under the ED’s scrutiny. Back in 2022, the ED conducted raids and provisionally attached properties valued at Rs 3,000 crore, which were linked to Mantri Developers Private Limited.
The searches were carried out by ED officials across 10 premises connected to a builder group and its key management personnel situated in Bengaluru and Mumbai, officials have reported.
These searches are still in progress. The ED’s Bengaluru zonal office is managing the search operations under Section 17 of the Prevention of Money Laundering Act (PMLA).
Officials mentioned that the integrated township project was scheduled to be handed over to buyers in 2018, but by 2024, only 49% of the project had been completed. The company has neither delivered the project nor returned the money to the buyers.
It has been alleged that the accused company, along with its key management staff, has deceived numerous unsuspecting customers through various means.
As per the ED’s information, the firm and its key management personnel deceived various unsuspecting customers by offering to pay EMIs to the banks against the loans taken by homebuyers from financial institutions on behalf of the buyers until the project’s completion and by offering significant discounts if buyers paid the full amount upfront against the bookings.
It is also accused that the builder also induced the buyers who purchased units, flats and apartments in the project with buyback scheme, 2X-scheme, etc.
It is alleged that the directors of the company have defrauded its buyers to the tune of hundreds of crores and misappropriated the funds.
The officials added that there are multiple FIRs against the company and its promoters, which necessitated the investigation under PMLA.
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