Bengaluru’s Crime Branch has filed an FIR against Ozone Group promoters following a complaint from the Resident Welfare Association (RWA) of Ozone Urbana Township. The allegations claim buyers were defrauded of ₹3,300 crore in connection with a 1,800-apartment project spread over 45 acres in Kannamangala, North Bengaluru.
The FIR reveals the group raised ₹1,500 crore through mortgage loans in buyers’ names and directly collected ₹1,800 crore from buyers. Launched in 2012 with a promised delivery by 2017, the project remains only 49% complete after 12 years. Multiple Karnataka RERA (KRERA) orders for refunds remain unfulfilled, with Ozone owing ₹93 crore in refunds.
Advocate Reynold D’Souza, representing the buyers, stated the funds were misused or diverted to other projects. The Additional Commissioner of Police (Crime) initiated the case, citing serious breaches of trust and financial irregularities.
KRERA records indicate that Karnataka developers collectively owe buyers over ₹486 crore for delayed projects as of August 2024. Meanwhile, the state has struggled with enforcement, recovering funds in only 138 of 1,248 orders issued since July 2022.
Ozone Group has yet to respond to these allegations, as investigations continue. Homebuyers demand swift action to ensure justice and accountability in one of Bengaluru’s largest real estate fraud cases.
Read Also;