FIR filed against Ozone Urbana Developers for deceiving Homebuyers

The FIR mentions that the Ozone Group promoters had pledged to complete the project over the past 12 years, but only 49% of the task has been accomplished.

The Bengaluru Crime Branch has filed a First Information Report (FIR) against the Ozone Group promoters, following a complaint filed by the Resident Welfare Association (RWA) of Ozone Urbana Township for defrauding buyers of over $3300 crore.

The company collected over $1500 crore through mortgage loans in the buyer’s name through various banks and also directly collected $1800 crore from the buyers, according to the FIR dated December 9.

The housing project is located in Kannamangala village in North Bengaluru and comprises 1,800 apartments of various dimensions spread across 45 acres. The project began in 2012, and the developer was expected to complete the task by the end of 2017.

Over the past 12 years, the promoters have pledged to complete the project, but only 49% of it has been accomplished. Despite numerous requests from Karnataka RERA, the organization has failed to reimburse the funds gathered from the purchasers.

More than 150 people were involved in the case, according to Advocate Reynold D'souza, who represented the homebuyer. However, now we have the residential welfare association as part of the FIR. The RWA represents 1800 apartments in the project at the moment.

Following orders issued by the Additional Commissioner of Police, the case has been booked. A sum of 1,500 crore has been mortgaged by the accused without informing the buyers. Additionally, he has collected over $1,800 crore from property purchasers. The total fraud committed against the home buyers amounts to $3,300 crore. D'souza said the money has been used for other projects and misused.