The Enforcement Directorate disclosed on October 2 that it had arrested S. Vasudevan, chairman and managing director of Ozone Urbana Infra Developers, in a money-laundering investigation involving alleged losses of ₹927.22 crore to homebuyers. The arrest occurred on September 30; the new development is its public disclosure.
A special court in Bengaluru granted the agency 14 days of custody after Vasudevan was produced on October 1, according to reports by The Indian Express and The Bengaluru Live. Custody permits further investigation and does not establish guilt.
The ED alleges that buyers were promised payment of pre-construction loan instalments until possession, but received neither completed homes nor refunds. Its account says funds were retained and diverted. These remain the investigating agency’s allegations.
The inquiry follows police complaints and a CBI case. Earlier searches took place on August 1, 2025, followed by a provisional property attachment that October; those actions are not new seizures. The current reports reviewed did not include a response from Vasudevan or the company. No conviction is reported.