The Enforcement Directorate has arrested S Vasudevan, Chairman, Managing Director and promoter of Ozone Urbana Infra Developers, in an alleged ₹927.22 crore homebuyer money-laundering case. The agency said Vasudevan was arrested on September 30 under Section 19 of the Prevention of Money Laundering Act and produced before a Special PMLA Court in Bengaluru on October 1. The court granted the ED 14 days’ custody. The investigation concerns allegations that homebuyer funds collected for residential projects were retained or diverted instead of being used to complete the projects.
Ozone Urbana CMD S Vasudevan Arrested in Rs 927 Crore Homebuyer Fraud Case
Bengaluru, Oct 16 (PTI): The Enforcement Directorate has arrested Ozone Urbana CMD and promoter S Vasudevan in an alleged Rs 927.22 crore homebuyers' money laundering case.
The Enforcement Directorate (ED) has arrested S Vasudevan, Chairman, Managing Director and promoter of Ozone Urbana Infra Developers Pvt Ltd, in an alleged homebuyer fraud case.
The ED said Vasudevan was arrested on 30 September under Section 19 of the Prevention of Money Laundering Act, 2002, in the course of its ongoing investigation.
Bengaluru: He was produced before a Special Court under the PMLA in Bengaluru on October 1, which granted the agency 14 days’ custody for further questioning.
The agency’s probe relates to allegations of Ozone Urbana Infra Developers and its promoters cheating homebuyers of Rs 927.22 crore in the name of incomplete residential projects.
Ozone Urbana homebuyer allegations under investigation
ED said Ozone Urbana allegedly attracted buyers with a promise to pay pre-construction equated monthly instalments till possession of their flats.
The agency said the company allegedly collected money from buyers but later failed to complete the projects or hand over residential units to them.
The ED further claimed that the deposited amounts were not refunded and the upfront booking amount and loan money were dishonestly retained and diverted.
The agency said the arrest will help the investigators in examining the alleged generation, diversion, layering and utilisation of proceeds of crime.
It also seeks to ascertain the role of the promoter, group entities and others through whom the funds were allegedly routed.
The probe was initiated after several complaints were filed against Ozone Urbana Infra Developers and its promoters at various police stations across Bengaluru.
The Supreme Court had directed the Central Bureau of Investigation (CBI) to file a case against the company and its promoter.
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ED action and property attachment
The ED conducted searches at multiple premises on August 1, 2025, under Section 17 of the PMLA and seized documents relevant to the investigation.
Subsequently, the agency also issued a Provisional Attachment Order (PAO) on 4th October, 2025, provisionally attaching immovable properties worth Rs 423.378 crore.
The property attachment was in connection with the agency’s investigation into the alleged diversion and utilisation of funds collected from homebuyers for purposes other than project development.
The ED said its wider probe is underway under the PMLA along with investigations arising out of cases registered by the CBI.
The parallel investigation includes three Ozone entities: Ozone Infra Developers Private Limited, Ozone Realtors Private Limited, and Ozone Projects Private Limited.
The three entities are linked to separate cases filed by the CBI’s Economic Offences-I unit in connection with alleged cheating of homebuyers, the ED said.
What happens next in the Ozone Urbana case
The ED said that S Vasudevan is a common director in Ozone Infra Developers, Ozone Realtors and Ozone Projects, which are under parallel probe.
The special court in Bengaluru has given investigators 14 days to question Vasudevan about the alleged movement and usage of funds.
The agency is also investigating the involvement of various group entities and individuals allegedly connected to the movement of the funds.
The investigation is still important for homebuyers as the charges are related to non-delivery of residential units and alleged diversion of deposited amounts.
Sprouts News will continue to monitor developments, including further court proceedings, investigative findings, and any response from S Vasudevan or Ozone Urbana.
The allegations remain subject to the ongoing investigation and judicial proceedings, and the claims made by investigating agencies have not been established as final findings of guilt.
