In a powerful move against financial wrongdoing, the Directorate of Enforcement (ED) has announced the provisional attachment of immovable properties valued at an astounding ₹423.38 crore. These assets belong to Ozone Urbana Infra Developers Pvt. Ltd. and its key promoters, who are currently under intense scrutiny for alleged fraudulent activities.
The real estate company faces severe accusations of defrauding numerous homebuyers. After collecting substantial payments for various projects, the firm allegedly failed to complete construction, leaving property owners in a prolonged state of uncertainty. Further investigations suggest that these critical funds were illicitly diverted to acquire personal assets for the promoters, rather than being utilized for the intended development projects. This case is also being probed by the Central Bureau of Investigation (CBI), acting on directions from the Supreme Court.
Providing specific details, the ED stated: “To safeguard the interests of the affected customers, we have provisionally attached Ozone Urbana Infra Developers Pvt. Ltd.’s unsold stock in the ‘Avenue’ (92 flats) and ‘Aqua 2’ projects (13 flats), along with 4.5 acres of commercial land. Additionally, personal properties belonging to the main promoter, S. Vasudevan, and his wife, including 179 acres of land in Kannehalli Village, Mudigere, have been seized. The total value of these provisionally attached properties amounts to ₹423.38 crore.”
Prior Raids Uncovered Extensive Deceit
This latest enforcement action follows earlier raids conducted by the ED on August 1, 2025, which targeted the firm and its promoters. During those operations, the ED had asserted that Ozone Urbana Infra Developers Pvt. Ltd., spearheaded by S. Vasudevan, had defrauded homebuyers of a staggering ₹927.22 crore.
A recent statement from the ED on Saturday confirmed, “The accused systematically diverted funds to various affiliated group entities and associated individuals, including S. Vasudevan and his family members. These funds, representing proceeds of crime totaling ₹927.22 crore, were routed through multiple channels and used for purposes entirely unrelated to the construction and development projects of Ozone Urbana Infra Developers Pvt. Ltd.”