Bengaluru: ED's most important action in fraud case, Ozone Arbana's assets worth Rs 423.38 Crore seized

Bengaluru, October 4 (IANS). The Maintenance Directorate (ED) took large steps against Messrs. Ozon Arbana Infra Developers Private Limited and others in Bengaluru, which attached immovable properties to the value of Rs 423.38 crore under the money laundering (PMLA) 2002. This action of the ED is based on several FIRs registered against the company and the promoters under Fraud (Article 419, 420, and 420, and 120B of IPC) company and its promoters. In addition, CBI EO-I New Delhi also registered a fir. The most important allegation on the business is that it has deceived clients and did not complete the project construction on time. As a result, they did not give apartments in possession. It is alleged that the company promised to pay before construction EMIs until customers were occupied by the apartment but could not complete. The builder did not hand over residential units to the home buyers, nor did they return their deposits, but darkened the entire advance amount and loan amount. The ED investigation revealed that Ozone Arbana Infra Developers Private Limited along with the main promoter’s vassude of home buyers for a total of Rs 927.22 crore. The money was kept dishonest and other group institutions and connected individuals, including Vasude of and his family members. To protect the interests of clients, ED immovable properties of Messrs Ozone Arbana Infra Developers included private limited, including 92 apartments in Avenue and 13 apartments in Aqua 2, UN -Cold and 4.5 hectares of commercial land. In addition, the private properties of promoter S. Vasudevan and his wife, 179 hectares of land in the Kannhalli village, are nice. The total value of these attached properties is Rs 423.38 crore. Further investigations are going on in the case under PMLA. -Ians bag/sch share this story tags