Enforcement Enforcement Directorate
ED arrests Ozone Urbana CMD in ₹927.22 crore homebuyer fraud case
This is a press release from the Directorate of Enforcement (ED), Bengaluru Zonal Office, announcing the arrest of S. Vasudevan, CMD of Ozone Urbana Infra Developers Pvt. Ltd., under the Prevention of Money Laundering Act (PMLA) for…
This is a press release from the Directorate of Enforcement (ED), Bengaluru Zonal Office, announcing the arrest of S. Vasudevan, CMD of Ozone Urbana Infra Developers Pvt. Ltd., under the Prevention of Money Laundering Act (PMLA) for defrauding homebuyers. It matters to citizens as it details a major real estate fraud involving Rs. 927.22 Crores and the subsequent legal actions taken against the company and its promoter.
Who it concerns: S. Vasudevan (CMD and promoter of M/s Ozone Urbana Infra Developers Pvt. Ltd.), M/s Ozone Urbana Infra Developers Pvt. Ltd., M/s Ozone Realtors Pvt. Ltd., M/s Ozone Projects Pvt. Ltd., homebuyers who purchased units from these entities, and the Special Court (PMLA), Bengaluru.
What the ED says it did
- S. Vasudevan was arrested on 30.09.2026 under Section 19 of the PMLA, 2002.
- The Special Court (PMLA), Bengaluru, granted 14 days of ED custody for further investigation on 01.10.2026.
- The investigation is based on multiple FIRs under IPC sections 419, 420, and 120B, as well as an FIR registered by the CBI on the direction of the Supreme Court.
- The main allegation is that the company failed to complete construction, hand over possession, or refund amounts, misappropriating upfront booking and loan amounts.
- ED alleges the company and S. Vasudevan defrauded homebuyers to the tune of Rs. 927.22 Crores.
- ED issued a Provisional Attachment Order on 04.10.2025, attaching immovable properties valued at Rs. 423.378 Crores.
- Parallel PMLA investigations are underway against three related companies: Ozone Infra Developers, Ozone Realtors, and Ozone Projects, where S. Vasudevan is a common director.
Also in the document
- ED conducted search operations under Section 17 of PMLA on 01.08.2025 and seized incriminating documents.
- The arrest is aimed at investigating the generation, diversion, layering, and utilization of proceeds of crime, including the role of group entities and persons through whom funds were routed.
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The original document
Enforcement Directorate — Attachments, arrests and prosecution complaints under PMLA and FEMA
Press release · Ref. c28675872dfd523b · 2 Oct 2026
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