BENGALURU: The Directorate of Enforcement (ED), Bengaluru zonal office, arrested CMD & Promoter, Ozone Urbana Infra Developers Pvt Ltd, S Vasudevan on September 30 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, in the money laundering investigation against the premium realty company and others, the ED stated in an official release on Friday. Vasudevan was produced before the Special Court (PMLA), Bengaluru, on October 1 and remanded to 14 days.
The probe began based on multiple FIRs under sections 419, 420 and 120B of the Indian Penal Code, registered at various police stations in Bengaluru against Ozone Urbana Infra Developers and its promoters. Further, the Central Bureau of Investigation (CBI) had also registered an FIR against the company and its promoter on the direction of the Supreme Court.
“The main allegation against Ozone Urbana is that it has defaulted in completion of construction of the project in time and failed to hand over the possession to the customers.
The company allegedly induced gullible customers by offering to pay pre-construction EMIs till handing over the possession of the flats to buyers. However, it failed to complete the project/flats,” stated the ED. “The builder neither delivered possession of the residential units to homebuyers nor did they refund their deposited amount. Instead, they misappropriated the entire upfront booking amount/loan amount,” charged the central agency.
ED had earlier conducted search operations on August 1, 2025 under PMLA in this case and seized various incriminating documents from various premises.
“Ozone Urbana, along with main promoter Vasudevan, defrauded the home buyers to the tune of Rs 927.22 crore and dishonestly retained and diverted the funds. ED had earlier issued a Provisional Attachment Order dated October 4, 2025, provisionally attaching immovable properties worth Rs 423.378 crore under PMLA,” the agency added.
“Parallel investigation has been initiated based on three different FIRs registered by the CBI against Ozone Infra Developers, Ozone Realtors Pvt Ltd and Ozone Projects Pvt Ltd for defrauding the homebuyers. Vasudevan is the common director in all three companies,” added the ED.
“Vasudevan’s arrest has been effected pursuant to the material gathered during the investigation and is aimed at further investigating the generation, diversion, layering and utilisation of the Proceeds of Crime (PoC), including the role of the promoter, various group entities and persons through whom the funds were routed,” the agency said.