Pramesh S Jain
T
he Central Crime Branch police officials on Monday registered a cheating case against city based real estate company (Ozone Urbana Developers Pvt Ltd)along with the officials for private banks for cheating hundreds of home buyers and diverting the loan amount availed in the names of the buyers for personal gain.
Based on the complaint by Ozone Urbana Buyers Welfare Association,the CCB officials charged the company its members and bank officials under criminal breach of trust,criminal conspiracy,cheating also under The Karnataka Protection of Interest Depositors in Financial Establishment Act.
According to the complaint,the company began its township project in Devanahalli near International Airport in 2012 with assurance to complete by 2017.
However,till now only 49 per cent of the project is completed and the buyers are struggling to get their houses for the last 12 years .
The complainant further stated that the developer had cheated them by getting the loans sanctioned in the name of buyers without the completion of the project, and also taken additional money from the buyers worth several crores .
The complainant stated that assuring the buyers that the company will take the loan in the names of buyers but pay the EMI on their behalf,the the developer availed Rs. 1,500 crore as a mortgage loan from different banks along with a total amount of Rs.1,800 crore received from the buyers.
This amount to cheating the buyers total worth Rs.3,300 crore and the entire funds have been diverted for personal gain.
The company when questioned by the association threatened them with dire consequences and not allowed to visit the construction sites .
The association after waiting for 12 years approached K-RERA and got an orders issued to the company to return the money but in vain.
The association filed a write petition before the high court which directed the police to register a case and investigate in details .
