Pramesh S Jain
The Directorate of Enforcement (ED),Bengaluru Zonal Office,has arrested S.Vasudevan,CMD and promoter of Ozone Urbana Infra Developers Pvt. Ltd., in connection with a money laundering investigation into alleged fraud of Rs.927.22 crore involving homebuyers.
Vasudevan was arrested on September 30 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, and produced before the Special Court (PMLA), Bengaluru,on October 1.The court has granted the ED 14 days’ custody for further investigation.
The ED probe was initiated based on multiple FIRs registered at various Bengaluru police stations under Sections 419,420 and 120B of the IPC against Ozone Urbana Infra Developers and its promoters.
A separate FIR was also registered by the CBI,EO-I,New Delhi,against the company and its promoter following the direction of the Supreme Court.
According to the ED,the company allegedly failed to complete its residential projects within the promised timeframe and did not hand over flats to homebuyers.
The builder allegedly attracted customers by offering to pay pre-construction EMIs until possession was handed over.
However,the company allegedly failed to honour the commitment,neither delivered the apartments nor refunded the amounts deposited by the buyers,and diverted the upfront booking and loan amounts.
The ED had earlier conducted searches at various premises on August 1,2025,under Section 17 of the PMLA and seized documents allegedly incriminating in nature.
The investigation has so far revealed that Ozone Urbana Infra Developers and Vasudevan allegedly defrauded homebuyers of ₹927.22 crore by failing to deliver apartments or units against the amounts received.
The ED had subsequently issued a Provisional Attachment Order on October 4,2025,attaching immovable properties valued at ₹423.378 crore under the PMLA.
The agency has also initiated parallel investigations based on three FIRs registered by the CBI against Ozone Infra Developers Pvt.Ltd.,Ozone Realtors Pvt. Ltd,and Ozone Projects Pvt.Ltd. in connection with alleged fraud against homebuyers.Vasudevan is a common director in all three companies,the ED said.
His arrest followed the material gathered during the investigation and is aimed at tracing the alleged generation, diversion, layering and utilisation of the proceeds of crime, besides examining the role of the promoter, group companies and other persons allegedly involved in routing the funds.
