Money laundering case: ED arrests Ozone Urbana CMD for cheating homebuyers of over ₹927 crore

The ED alleges that the company neither delivered the residential units nor refunded the amounts deposited by homebuyers and instead misappropriated the upfront booking and loan amounts. | Photo Credit: SPECIAL ARRANGEMENT

The Directorate of Enforcement (ED), Bengaluru Zonal Office, has arrested S. Vasudevan, CMD and promoter of Ozone Urbana Infra Developers Pvt. Ltd., in connection with a money laundering investigation into alleged fraud of ₹927.22 crore involving homebuyers.

Vasudevan was arrested on September 30 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. The ED stated that its investigation was initiated based on multiple FIRs filed at various police stations in Bengaluru, which allege cheating by impersonation and cheating through dishonest inducement of property delivery against the firm and its promoters.

The Central Bureau of Investigation (CBI) had also registered an FIR against the firm on the directions of the Supreme Court, the ED said in a press note.