Ozone Urbana MD S Vasudevan arrested in ₹927.22cr scam
S Vasudevan, chairman and managing director and promoter of Ozone Urbana Infra Developers Pvt Ltd, has been arrested by the Enforcement Directorate (ED) for allegedly taking money from homebuyers but not delivering their homes, a scam worth ₹927.22 crore.
He was picked up on September 30 under the Prevention of Money Laundering Act, and a Bengaluru court has given the ED two weeks to question him further.
ED attaches ₹423.378cr properties
The investigation kicked off after multiple FIRs and a Supreme Court direction, with buyers accusing Vasudevan of broken promises, like undelivered homes and misleading EMI deals.
The ED has already seized documents and provisionally attached immovable properties worth ₹423.378 crore.
The probe is now digging into how funds were misused, leaving many homebuyers waiting for answers.