ED Attaches Rs 423 Cr Assets In Karnataka Home Buyer Fraud

2025-10-04 03:10:43

(MENAFN- Kashmir Observer)
File photo of ED logo

New Delhi- Unsold flats and lands worth more than Rs 423 crore of the promoters of a Karnataka-based real estate firm were attached under the anti-money laundering law on Saturday in a case linked to alleged duping of homebuyers, the Enforcement Directorate (ED) said.

The action has been taken against Bengaluru-based Ozone Urbana Infra Developers and its main promoter S Vadudevan.

A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the unsold stock in the Avenue (92 flats) and Aqua 2 projects (13 flats) of the company apart from 4.5 acres of commercial land and personal properties of Vasudevan, the ED said in a statement.

The attachment also includes the assets of Vasudevan's wife - 179 acres of land in Kannehalli village, Mudigere (Chikkamagaluru district).

The total value of these properties is Rs 423.38 crore, the agency said.

The money laundering case stems from a CBI FIR that was registered on the directions of the Supreme Court, it said.

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