The ED also alleged that around ₹105 crore was received by Tuscan Consultants from Ozone Urbana, of which more than ₹3.5 crore was transferred to Satyamurthy and Tuscan Agrow, besides the creation of a fixed deposit of around ₹7 crore.
It further alleged that ₹7.77 crore was transferred from Ozone Urbana to Satyamurthy’s personal account, for which his explanation was allegedly misleading and evasive.
The agency alleged that Ozone Holdings Pvt Ltd availed a loan of around ₹360 crore by offering 55 acres of Ozone Urbana’s land as security. According to the ED, ₹180 crore from the loan was transferred to Ozone Urbana, while the remaining ₹180 crore was transferred to Ozone Projects Pvt Ltd for another project in Chennai.
The agency has also flagged transfers of approximately ₹38 crore to Muthammal Estates Pvt Ltd and ₹12.89 crore to Swaruba Builders, alleging that satisfactory supporting documents were not furnished to establish the business rationale.
The ED said more than 400 complaints have been filed by buyers before Karnataka RERA against Ozone Urbana. It also alleged that some flats allotted to purchasers were subsequently re-sold to others or vendors to whom dues were owed.
The agency stated that properties representing alleged proceeds of crime worth approximately ₹423.37 crore were attached in October 2025, and the attachment was confirmed by the Adjudicating Authority in March 2026. The Karnataka High Court dismissed the company’s challenge to the attachment on September 21, 2026.