S Vasudevan, CMD and promoter of Ozone Urbana Infra Developers Pvt Ltd
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. 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. Multiple FIRs were also registered by the Central Bureau of Investigation (CBI) against the company and its promoter, pursuant to Supreme Court directions.
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.
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.