'Fraud' with home buyers: ED attaches assets worth Rs 423 crore in Karnataka
New Delhi (PTI): 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.
The ED had conducted searches in this case in August.
The company and Vasudevan "defrauded" home buyers to the tune of Rs 927.22 crore and "did not" deliver possession of apartments/units against the said money, thereby dishonestly retaining and diverting the funds, the ED alleged.
"The accused diverted the funds to other group entities and associated individuals, including Vasudevan himself, and his family members.
"Therefore, the company and Vasudevan generated proceeds of crime of Rs 927.22 crore and routed the same through various entities and used for the purpose other than the funds actually meant for, ie, construction and development of realty projects," the federal probe agency said.
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Former minister C M Ibrahim announces to launch new regional party for Karnataka
Kalaburagi: Two years after being expelled from the Janata Dal (Secular), former minister C.M. Ibrahim has announced that he will launch a new regional political party in Karnataka on January 24, reported Deccan Herald.
Speaking at a meeting organised by the Nava Karnataka Nirmana Andolana in Kalaburagi on Sunday, Ibrahim confirmed the birth of the new party.
The 77-year-old politician stated he would soon be meeting with other like-minded individuals to choose a symbol for the party.
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Ibrahim emphasised that the organisation would be guided by the principles of 12th-century social reformer Basavanna and the architect of the Indian Constitution, Dr. B. R. Ambedkar.
A veteran politician, Ibrahim served as Union Civil Aviation Minister during the tenure of H.D. Deve Gowda as Prime Minister and later headed the Karnataka unit of the Janata Dal (Secular). He was expelled from the JD(S) in 2023 on charges of anti-party activities.
His exit from the party followed sharp differences over the JD(S) decision to ally with the Bharatiya Janata Party (BJP). As the then state president of the JD(S), Ibrahim had publicly criticised the alliance, claiming it was finalised without his knowledge. He had also reportedly convened meetings of his supporters and expressed support for the INDIA bloc.
