New Delhi, 2 October

The Enforcement Directorate (ED) on Friday said it had arrested S Vasudevan, Chairman and Managing Director (CMD) and promoter of Ozone Urbana Infra Developers Pvt Ltd, in connection with an alleged homebuyer fraud case worth Rs 927.22 crore.

Vasudevan was arrested on 30 September under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the money laundering investigation.

The probe revealed that the company, led by Vasudevan as the main promoter, defrauded homebuyers by failing to deliver possession of apartments and units despite receiving payments totalling Rs 927.22 crore. The funds were dishonestly retained and diverted, according to the ED.

ED's Bengaluru Zonal Office arrested Vasudevan and subsequently produced him before a special court in Bengaluru on 1 October, which granted 14 days’ ED custody for further investigation.

Vasudevan was arrested based on multiple FIRs, including cheating by impersonation and cheating through dishonest inducement of property delivery against the firm and its promoters. The CID had also registered an FIR against him.