Bengaluru: Directorate of Enforcement (ED) has arrested S Vasudevan, CMD and promoter of Ozone Urbana Infra Developers Pvt Ltd, in connection with a money-laundering investigation into alleged cheating of homebuyers.Vasudevan was arrested Wednesday and produced before a special court the following day, which granted ED custody for 14 days for further investigation.ED said the investigation was initiated based on multiple FIRs registered under Sections 419, 420 and 120B of Indian Penal Code at various police stations in Bengaluru against the firm and its promoters. Multiple FIRs were also registered by the Central Bureau of Investigation (CBI) against the company and its promoter, pursuant to Supreme Court directions.According to ED, the firm allegedly defaulted on completing projects on time and failed to hand over flats to customers. The company had induced the public by offering to pay pre-EMIs until possession was handed over. However, ED said it failed to honour the commitment, leaving projects incomplete and neither delivering residential units nor refunding amounts deposited by homebuyers. The agency alleged that the entire upfront booking/loan amounts were misappropriated.ED had conducted searches at various premises on Aug 1, 2025, during which several incriminating documents were seized. Further investigation revealed that the firm, along with Vasudevan, allegedly defrauded homebuyers of Rs 927.2 crore and failed to deliver apartments against the money received, thereby dishonestly retaining and diverting the funds, ED said.The agency had issued a provisional order on April 4, 2025, attaching immovable properties valued at Rs 423.7 crore.ED said a parallel investigation under the Prevention of Money Laundering Act (PMLA) was initiated based on three additional FIRs registered by CBI against Ozone Infra Developers Pvt Ltd, Ozone Realtors Pvt Ltd, and Ozone Projects Pvt Ltd. Vasudevan is a common director of all three companies.His arrest followed material gathered during the probe and is aimed at investigating the generation, diversion, layering and utilisation of the alleged proceeds of crime, including the role of various group entities and individuals through whom the funds were routed.CBI had raided 12 premises in Bengaluru, Mumbai and Pune on Sept 10 in connection with the cases. Over 50 cases have been registered across the country in relation to the alleged fraud.
