ED arrests Ozone Urbana CMD in Rs 927-crore homebuyer money laundering case - The Indian Express

The Directorate of Enforcement (ED) has arrested S Vasudevan, CMD and promoter of Ozone Urbana Infra Developers, in connection with a Rs 927.22-crore money laundering fraud involving homebuyers, the agency said on Friday.

Vasudevan was produced before a special court in Bengaluru on Thursday and sent to ED’s custody for 14 days for further interrogation.

According to the agency, the company allegedly lured homebuyers by offering a scheme to pay pre-construction EMIs until possession of the flats was handed over. However, the company allegedly failed to complete the projects or hand over the residential units, and did not refund the amounts deposited by the homebuyers. The ED alleged that the funds were dishonestly retained and diverted.

“The arrest … is aimed at further investigating the generation, diversion, layering and utilisation of the proceeds of crime, including the role of the promoter and the various group entities and persons through whom the funds were routed,” the ED said.

The agency said that it seized several incriminating documents during raids conducted at various premises last year.

Subsequently, the ED issued an order on October 4, 2025, provisionally attaching immovable properties valued at Rs 423.378 crore.

The ED initiated an investigation against Ozone Urbana Infra Developers and its promoters based on multiple cases registered at various police stations in Bengaluru. The Central Bureau of Investigation (CBI) has also registered a case against the company and its promoter on the directions of the Supreme Court, it said.

The ED said a parallel investigation under the Prevention of Money Laundering Act (PMLA) was initiated against Ozone Infra Developers, Ozone Realtors and Ozone Projects based on three cases registered by the CBI’s Economic Offences-I unit for allegedly defrauding homebuyers.

Vasudevan is a common director in all three companies, the agency said.