CBI books Ozone, Vivansaa in homebuyer fraud; raids 12 sites
The Central Bureau of Investigation (CBI) on Thursday registered five new criminal cases against real-estate developers and unidentified officials of financial institutions, and searched 12 locations in Bengaluru, Mumbai and Pune, in the Supreme Court-monitored probe into alleged cheating of homebuyers.
Four cases have been registered against Ozone Group and related entities over projects in Bengaluru and Mumbai. The fifth case names M/s Vivansaa Baalsam for its Bengaluru project. Unknown bank and housing-finance officials have also been named. The Bengaluru cases against Ozone relate to the group’s large integrated township at Kannamangala in Devanahalli taluk, near Kempegowda International Airport. The development, marketed as Ozone Urbana, includes residential components such as Ozone Urbana Avenue, Ozone Urbana Aqua and Aqua 2.
The township was launched more than a decade ago as an 1,800-unit project spread over about 185 acres, with possession originally projected around 2018. Buyers have alleged incomplete construction, delayed handover, subvention-scheme defaults and, in some instances, multiple allotments of the same unit. The Mumbai cases concern Ozone Group projects in the city, including Ozone The Autograph at Wadala.
The group also has other Mumbai developments such as Ozone The Gateway in Andheri West and Ozone Mirabilis in Santacruz East, which investigators are examining as part of the alleged builder-lender nexus. The Vivansaa case relates to Vivansaa Baalsam, a residential project on Sarjapur-Attibele Road in S. Medahalli, Bengaluru, offering apartments and villas.
Buyers had approached the Supreme Court alleging fraud and financial irregularity in the project. The five cases allege criminal conspiracy, cheating, criminal breach of trust and criminal misconduct by officials of financial institutions.
CBI said the complaints point to developers collecting buyer and loan funds against promises of timely possession, often under “no pre-EMI till handover” schemes. Meanwhile, lenders continued disbursals and later pressed buyers for repayment even after construction stalled. Searches on Thursday covered offices and other premises linked to these projects. Documents, digital devices and other material were seized and are under examination.
The agency said the operation aims to trace alleged diversion of project receipts, irregular lending and fraudulent practices. CBI had earlier registered 50 cases against builders on the Court’s orders. With Thursday’s action, the total stands at 55. Ozone Urbana Infra Developers had already been named in an earlier CBI case and chargesheet over a Bengaluru housing project.
In August, the Supreme Court directed a thorough probe into additional representations on Ozone Group projects in Karnataka, Maharashtra and Tamil Nadu, and Vivansaa in Bengaluru. Case registration and searches do not establish guilt. Authorities will analyse the seized records before taking further legal steps. For affected buyers in Ozone Urbana, The Autograph and Vivansaa Baalsam, the criminal inquiry runs alongside separate claims for possession, refund or compensation.