Money laundering case: ED arrests Ozone Urbana CMD for cheating homebuyers of over ₹927 crore
The Enforcement Directorate arrested S. Vasudevan, CMD of Ozone Urbana Infra Developers, for an alleged ₹927 crore fraud involving homebuyers. The company is accused of failing to deliver residential units and misappropriating funds.
Why it matters
This case underscores the severe financial risks faced by homebuyers in the real estate sector and the government's crackdown on corporate financial crimes.
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.
The company allegedly failed to complete its projects within the stipulated time and did not hand over possession of apartments to homebuyers, according to the ED.
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