BENGALURU: The welfare association of the Ozone Urbana Township project in Devanahalli taluk on Monday filed an FIR against their builder and a few bank officials in the Economic Offences Court for defrauding the home buyers of Rs 3,300 crore. The case has been filed under sections 406, 409, 420 and 120B, 34 of the IPC.
The residential complex in Kannamangala village in the taluk has 1,800 flats of various dimensions spread across 45 acres. The sale of flats began in 2013, and the property was supposed to be handed over to the buyers in 2017.
As per the FIR copy, the case against Ozone Urbana Infra Developers Limited has been booked by Errol John Noronha, president of the Ozona Urban Buyers Welfare Association. The developer has been named as the primary accused while its directors and other staff Vasudevan Satyamoorthy, Priya Vasudevan and Sathya Moorthy Sai Prasad have been named as A2 to A4. Officials of the Housing Development Finance Corporation, India Bulls Housing Finance Limited, Bank of Baroda, Primal Capital and Housing Finance Limited have all been named as accused.
Advocate Reynold D’ Souza representing Ozone Urbana Buyers Welfare Association told TNIE, ”The case has been booked following orders issued by the Additional Commissioner of Police (Crime). The accused has mortgaged the project for a sum of Rs 1,500 crore without informing the buyers. He has also collected Rs 1,800 crore from the home buyers. In total, the home buyers have been cheated of Rs 3,300 crore. The money has been siphoned to other projects and misued.”
He added that a mere 49 per cent of the project had been completed as on date. “More than 12 years have passed since the project began and the Karnataka-Real Estate Regulatory Authority has passed final orders directing the company to refund the amount to home owners. The orders have not been complied with,” the advocate said.
He added that many buyers have occupied the houses without an Occupancy Certificate and other facilities.
The bank officials have violated the RBI guidelines and have handed over the full amount sought by the builder which makes them conspirators, D’Souza alleged.