Karnataka High Court declines to halt money-laundering case against developer
The Karnataka High Court has refused to quash money-laundering proceedings against real estate company Ozone Urbana Infra Developers. The company is accused of cheating homebuyers by taking large advances and diverting substantial funds to purposes unrelated to constructing the apartments it had promised, The Hindu reported.
The Karnataka High Court has refused to quash money-laundering proceedings against real estate company Ozone Urbana Infra Developers, The Hindu reported. The company is accused of cheating homebuyers by collecting large advances from them and diverting funds on a large scale to purposes unrelated to construction of the promised apartments. The court’s refusal means the proceedings will not be halted on the basis of the challenge described in the supplied material.
The source does not provide the court’s detailed reasoning, the amount allegedly collected from buyers or the stage reached in the money-laundering case. It also does not give the company’s response to the allegations, identify the investigating agency or specify the projects involved. The supplied report contains no finding that the accusations have been proved.
The ruling concerns the request to quash the proceedings, rather than a final determination of liability. Further details about any related criminal or regulatory cases were not included in the source material.
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