Bengaluru Buyers File FIR Against Developer Over Rs 33 Billion Fraud

16 Dec 2024 CW Team

The Central Crime Branch (CCB) Bengaluru has registered an FIR against the promoters of Ozone Group following a complaint by the Resident Welfare Association (RWA) of Ozone Urbana Township. The complaint alleges that the real estate developer defrauded homebuyers of over Rs 33 billion. The FIR, dated December 9, states that Ozone Group raised Rs 15 billion in mortgage loans using the buyers’ names without their knowledge, in addition to directly collecting Rs 18 billion from homebuyers. The funds were allegedly misappropriated and siphoned to other projects, leaving the buyers defrauded. Launched in 2012, the Ozone Urbana Township project, located in Kannamangala village, North Bengaluru, was expected to deliver 1,800 apartments by 2017. However, over 12 years later, only 49% of the construction has been completed. Despite multiple orders by Karnataka Real Estate Regulatory Authority (KRERA), the developer has failed to refund the collected amount. Advocate Reynold D’Souza, representing the homebuyers, revealed that the RWA, representing all 1,800 apartments, is now a party to the FIR. He stated, “The accused mortgaged the project for Rs 15 billion without informing buyers and collected Rs 18 billion directly from them, totalling Rs 33 billion. Despite multiple promises, the project remains incomplete.” The Additional Commissioner of Police (Crime) directed the registration of the case, and investigations are ongoing. KRERA documents from August 2024 reveal that Karnataka developers owe Rs 4.86 billion in refunds for delayed projects, with Ozone Group alone accounting for Rs 930 million of that amount. Of the 683 recovery orders issued since July 2022, only 138 cases have been resolved, highlighting systemic delays in recovering dues from builders. Ozone Group has not responded to queries regarding the allegations. The case continues to unfold as authorities investigate the extent of the alleged fraud and its impact on homebuyers. (Hindustan Times)

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