Bengaluru: The Enforcement Directorate (ED) has arrested Ozone Urban Infra Developers Pvt Ltd Chairman and Managing Director S. Vasudevan in a money laundering investigation linked to an alleged Rs 927.22 crore financial fraud involving homebuyers.
The ED arrested Vasudevan on September 30 under the Prevention of Money Laundering Act, 2002. He was subsequently produced before the Special PMLA Court in Bengaluru on October 1. The court granted 14 days’ custody to the Enforcement Directorate, allowing investigators to question him in connection with the case.
The probe is based on FIRs registered by the CBI and Bengaluru police in relation to allegations against the real estate company and its promoters. The ED has alleged that buyers paid money for apartments after being given assurances regarding project completion. However, several projects allegedly remained incomplete beyond the promised deadlines, while the money collected from purchasers was allegedly diverted for other purposes.
The agency had carried out searches at premises linked to the case on August 1, 2025. During the searches, investigators seized documents and other records that are being examined as part of the money laundering probe.
The ED has also provisionally attached immovable properties worth around Rs 423.378 crore. According to the agency, the properties include 92 unsold apartments in the Ozone Avenue project, 13 apartments in the Aqua 2 project and 4.5 acres of commercial land.
The attachment further includes properties linked to Vasudevan and his wife, along with 179 acres in Kannehalli village in Mudigere taluk.
The investigation is focused on tracing the alleged diversion of homebuyers’ money and identifying the proceeds of crime.
| 
