Bengaluru, Oct 2 — The Directorate of Enforcement (ED), Bengaluru Zonal Office, has arrested S. Vasudevan, CMD and promoter of M/s Ozone Urbana Infra Developers Pvt. Ltd., in connection with a money laundering investigation against the company and others, an official statement said on Friday.
Vasudevan was arrested on September 30 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
He was produced before the Special Court (PMLA), Bengaluru, on October 1 and remanded to 14 days’ custody for further investigation.
According to the ED, the investigation was initiated on the basis of multiple FIRs registered under Sections 419, 420 and 120B of the Indian Penal Code at various police stations in Bengaluru city against Ozone Urbana Infra Developers Pvt. Ltd. and its promoters.
An FIR was also registered against the company and its promoter by the CBI, EO-I, New Delhi, on the directions of the Supreme Court.
The ED alleged that Ozone Urbana Infra Developers Pvt. Ltd. defaulted on its commitments to customers in connection with construction projects and failed to hand over possession of flats to homebuyers.
The agency further alleged that the company collected upfront booking amounts from homebuyers by offering to pay pre-EMIs until possession of the flats.
However, it allegedly failed to complete the projects, deliver possession of residential units or refund the amounts deposited by customers, and misappropriated the funds.
The ED stated that it conducted searches at 17 premises on August 1, 2025, under the PMLA and seized various incriminating documents.
Further investigation revealed, according to the agency, that Ozone Urbana Infra Developers Pvt. Ltd., along with Vasudevan as its principal promoter, had allegedly defrauded homebuyers to the tune of Rs 927.22 crore and failed to deliver possession of apartments against the amounts paid by them.
The ED stated that it had earlier issued a Provisional Attachment Order on October 4, 2025, provisionally attaching immovable properties valued at Rs 423.75 crore under the provisions of the PMLA.
Parallel investigations have also been initiated under the PMLA based on FIRs registered by the CBI, EO-I, New Delhi, against Ozone Urbana Infra Developers Pvt. Ltd., Ozone Realtors Pvt. Ltd. and Ozone Projects Pvt. Ltd. for allegedly defrauding homebuyers.
Vasudevan is a common director in all three companies under investigation.
The ED stated that Vasudevan’s arrest was based on material gathered during the investigation and aimed at further probing the generation, diversion, layering and utilisation of the proceeds of crime, including the role of the promoter, group entities and other persons through whom the funds were allegedly routed.
Further investigation is under way.