Ozone Urbana CMD S. Vasudevan arrested in money laundering probe

The Directorate of Enforcement (ED) has arrested S. Vasudevan, the chairman and managing director of Ozone Urbana Infra Developers Pvt Ltd, in connection with a money laundering investigation. The arrest, made by the ED’s Bengaluru zonal office under Section 19 of the Prevention of Money Laundering Act (PMLA), follows allegations that the company misappropriated funds intended for homebuyers.

Investigators allege that the company induced customers by offering to pay pre-construction EMIs until possession of residential units was handed over. However, the company reportedly failed to complete the construction, deliver the flats, or refund the deposited amounts. Instead, the agency claims the upfront booking and loan amounts were misappropriated.

Vasudevan was produced before a special court in Bengaluru and has been remanded to 14 days of custody. The probe stems from multiple FIRs registered under the Indian Penal Code and follows a direction from the Supreme Court for the Central Bureau of Investigation (CBI) to also involve itself in the case. Previous search operations conducted by the ED in August 2025 resulted in the seizure of incriminating documents, and immovable property worth ₹423.378 crore has been provisionally attached.