'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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Power tariffs under BESCOM to rise from May 1
Bengaluru (PTI): Power bills for consumers under the Bangalore Electricity Supply Company Limited (BESCOM) will go up from May 1, following an order issued by the Karnataka Electricity Regulatory Commission (KERC) on Friday.
The hike comes after KERC allowed the BESCOM to recover a revenue deficit of Rs 2,068 crore incurred in 2024-25, from the consumers.
As a result, for every unit of electricity consumed in 2024-25, the customers will be charged an additional 56 paise, it said.
"BESCOM shall calculate, for each of the active consumers of FY2024-25 the amount to be recovered based on their actual energy consumption during FY2024-25. Such amount shall be recovered during FY 2026-27 in equal monthly instalments, to be called as 'FY25 True up Charges', commencing from the first meter reading date falling on or after 1 May 2026 and concluding with the reading date ending on 30 April 2027," the order said.
"It is further ordered that BESCOM shall maintain a separate head of account, allocated for the purpose, to record the adjustment of the said amount to ensure full recovery of the deficit," it added.
Similarly Chamundeshwari Electricity Supply Corporation Limited (CESC) has also recorded a revenue deficit of Rs 121.71 crore and can collect an additional 15 paisa per unit for consumption in 2024-25, official sources said.
