Subvention Scheme : ED Attaches Properties Worth Rs 423 Crores of Ozone Urbana Infra

Enforcement Directorate has provisionally attached immovable properties to the tune of Rs 423.8 of M/s Ozone Urbana Infra Developers and others in a money laundering case.On 4th October, ED, Bengaluru

Zone, issued provisional attachment under relevant sections of PMLA. The agency case stems from multiple FIRs filed in various police stations in Bengaluru against M/s Ozone Urbana Infra Developers Private Limited and it's promoters. "We have also taken cognizance of an FIR recently filed by CBI against the company," said officials. In September, on directions of the Supreme Court, CBI had registered six cases against different builders of Kolkata, Bangalore and Mumbai and unknown officials of various financial institutions. The anti-corruption federal probe agency had also conducted searches at 12 premises at Kolkata, Mumbai and Bangalore. "The main allegation against the company M/s Ozone Urbana Infra Developers Pvt. Ltd. is that it has defaulted in completion of construction of projection in time and failed to hand over the possession to the customers. It is alleged that the company induced the gullible customer by offering to pay pre-construction EMIs till handing over the possession of the flat to homebuyers. However, it has failed to honour its commitments and did not complete the project and flats," ED said in a statement on Saturday. "The builder neither delivered possession of the residential units to homebuyers nor refunded their deposited amount and misappropriated the entire upfront booking amount/loan amount," the ED said. On directions of the Apex Court the CBI has registered 28 cases against different builders real estate developers and financial institutions to probe the nexus of how subvention scheme is being used to harass home buyers. The anti money laundering probe agency has registered separate cases SUBVENTION SCHEME In subvention scheme a tripartite agreement was signed between the builder, home buyers and financial institutions. The financial institution transferred the amount to builder. The builder paid the EMI on these loans till the flat was handed over to the buyer. however, several builders failed to construct the projects and defaulted on EMIs, resulting in FIs directly asking the buyers to pay the amount who did not even have the possession of homes. On August 1, ED had carried out searches at premises linked to Ozone Urbana Infra Developers.ED Investigations "M/s Ozone Urbana Infra Developers Pvt. Ltd. along with main promoter S Vasudevan have defrauded the home buyers to the tune of Rs. 927.22 Crores and did not deliver possession of apartments and diverted the funds to other group entities," ED said in a statement. Properties Attached Include : (a) Immovable properties of the M/s Ozone Urbana Infra Developers Pvt. Ltd. (Unsold stock in the Avenue (92 flats) (b) Aqua 2 projects (13 flats)(c) 4.5 Acres of commercial land (d) personal properties of its promoter S. Vasudevan along with his wife (179 acres of land at Kannehalli Village, Mudigere