'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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KMES Institutions shine in SSLC result, continue four-decade legacy of education in rural Karkala
Karkala: KMES Institutions of Education at Kukkundooru in Karkala taluk has recorded outstanding results in the 2025-26 SSLC and PUC examinations, continuing a four-decade educational journey that began with just 22 kindergarten students and no building of its own.
The institution secured a 100 per cent result in the SSLC examinations, with all 43 students passing the examination this year.
Muhammad Arman Shahid emerged as the school topper by scoring 619 marks out of 625, securing 99 per cent and also ranking sixth at the state level. He scored full marks in Kannada, Hindi, Mathematics and Social Science.
Krithika V. Nayak secured the second position in the school with 607 marks and 97.12 per cent, while Arhan stood third with 605 marks and 96.8 per cent.
Out of the 43 students, 21 passed with distinction, 19 secured first class, two students obtained second class and one student passed in third class. Fourteen students scored above 90 per cent.
The institution also performed strongly in the PUC examinations. The Science stream recorded a 100 per cent result, with all 44 students passing, while Commerce secured a 98 per cent pass percentage.
Twelve students scored full marks in different subjects, including Mathematics.
In Commerce, Deeksha Acharya topped the college with 588 marks, while Harshitha H. Kini secured the second position with 581 marks.
In Science, Naveen B. Nayak emerged as topper with 586 marks, followed closely by Sameeksha Moily and Aifa Nidha, who both secured 585 marks.
Speaking about the achievement, High School head teacher Shrimati Patkar said the institution has always focused on supporting academically weak students through affordable education and free special classes.
“Our ambition is to provide quality education even to students who struggle in studies. The fees are very low, and free coaching classes are conducted. I have worked here for 28 years and have always found the atmosphere supportive of education,” she said.
Primary School head teacher Lolita Zeena D’Silva appreciated the dedication of the teaching staff and said the school encourages students not only to achieve high marks but also to become role models.
PU College Principal Balakrishna Rao said the institution focuses on value-based education and overall personality development.
“The aim is to help students succeed not only academically but also in cultural activities, sports and leadership. We encourage qualities such as patience, tolerance and discipline,” he said.
Rao also credited the institution’s growth to the support of founders K.S. Mohammed Masood and K.S. Nissar Ahmed, along with President K.S. Imtiaz Ahmed.
Speaking on the occasion, Imtiaz Ahmed said the institution was built on the dream of making quality education accessible to financially backward families in rural areas.
He said the guidance and encouragement of his elder brothers, Mohammed Masood and Nissar Ahmed, along with the contribution of teachers, students and parents, helped transform the institution into a model educational centre.
The KMES Institutions trace their roots back to 1984, when they were founded by senior social activists Haji P.M. Khan, K.S. Nazeer Ahmed and Haji A.S. Rashid Haider.
The institution initially functioned from the Government Urdu School premises as it did not have a building of its own. Classes began with only 22 students in lower kindergarten and two teachers.
Later, under the leadership of K.S. Mohammed Masood and with continuous financial and moral support from non-resident businessman K.S. Nissar Ahmed, the institution gradually expanded.
In 1993, the school shifted to its own building and began conducting classes from LKG to Class 5.
As student admissions increased, Nissar Ahmed personally funded the construction of three additional classrooms to address infrastructure shortages.
The institution’s new school building was completed in 1997, while the PU College building was constructed in 2001.
From humble beginnings in a borrowed building to producing state-level rank holders and consistent academic results, the KMES Institutions have grown into one of the prominent educational centres in the Karkala region.
