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ED Arrests Ozone Urbana Chairman Over Rs 927.22 Crore Fraud
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Story summary
- Enforcement Directorate arrested S. Vasudevan, chairman of Ozone Urbana Infra Developers, on money-laundering charges.
- The agency alleges the firm defrauded homebuyers of Rs 927.22 crore.
- It offered pre-construction EMIs until possession but did not deliver flats or refund deposits.
- Vasudevan was arrested on September 30, produced on October 1, and granted 14 days ED custody.
- ED searches on August 1, 2025 seized documents and attached immovable properties worth Rs 423.378 crore.