Full Breakdown
Ozone Urbana Promoter Arrested in Rs 927 Crore Homebuyer Money-Laundering Probe
By Drooid · · How we work
Arrest and Allegations
The Enforcement Directorate’s Bengaluru Zonal Office arrested S. Vasudevan, chairman, managing director and promoter of Ozone Urbana Infra Developers Pvt. Ltd., on September 30 under Section 19 of the Prevention of Money-Laundering Act, 2002. The agency alleges that the firm induced homebuyers to pay pre-construction EMIs while promising possession of apartments, but failed to complete projects, deliver units or refund deposits, thereby misappropriating the collected funds.
Investigation Timeline
- August 1, 2025 – ED search operations under Section 17 of the Prevention of Money Laundering Act (PMLA) seized documents from multiple premises.
- September 30 – Vasudevan was taken into custody.
- October 1 – He was produced before a Special Court in Bengaluru, which granted the ED 14 days of custodial interrogation.
- October 4, 2025 (scheduled) – A provisional attachment order is set to attach immovable properties valued at INR423.378 crore.
Financial Scope
The ED’s investigation links Ozone Urbana Infra Developers, along with three related entities—Ozone Infra Developers Pvt. Ltd., Ozone Realtors Pvt. Ltd. and Ozone Projects Pvt. Ltd.—to an alleged fraud totaling INR927.22 crore against homebuyers. The provisional attachment order targets assets worth approximately INR423 crore, intended to prevent further dissipation of the alleged proceeds.
Official Statements & Responses
The Enforcement Directorate stated that its probe was launched after multiple FIRs were filed at various Bengaluru police stations, including charges under Sections 419, 420 and 120B of the Indian Penal Code. A parallel FIR was registered by the Central Bureau of Investigation following a direction from the Supreme Court, naming Vasudevan as a common director of the three companies. The agency said the arrest will aid its inquiry into the alleged generation, diversion, layering and utilisation of criminal proceeds.
Potential Impact
If the allegations are substantiated, the case could affect thousands of homebuyers awaiting possession and may prompt tighter regulatory scrutiny of pre-construction financing schemes in India’s real-estate sector. The attachment of assets also signals a broader enforcement approach toward large-scale money-laundering allegations involving developers.