ED arrests Ozone Urbana promoter in alleged ₹927-crore homebuyer fraud

India’s Enforcement Directorate has arrested S. Vasudevan, chairman and promoter of Ozone Urbana Infra Developers, in a money-laundering investigation into an alleged ₹927.22-crore fraud involving homebuyers. The agency said Vasudevan was arrested on September 30 under Section 19 of the Prevention of Money Laundering Act.

He was produced before a special court in Bengaluru on October 1, which granted the ED 14 days’ custody. The investigation followed multiple police complaints in Bengaluru alleging cheating by impersonation and dishonest inducement over the delivery of property. The Central Bureau of Investigation also registered a case against companies linked to the group following directions from the Supreme Court.

According to the ED, the company allegedly failed to complete projects and hand over apartments within the promised period. It also allegedly offered to pay customers’ pre-construction loan instalments until possession but later failed to honour that commitment. The agency alleged that neither homes nor refunds were provided and that booking and loan amounts were misappropriated.

It said searches in August 2025 produced documents and that properties worth ₹423.378 crore were provisionally attached in October 2025. The ED said the arrest would allow further investigation into the alleged generation, diversion, layering and use of proceeds of crime, including the role of Vasudevan, group companies and other people. The allegations have not been established by a court.