ED arrests B'luru-based promoter in ₹927-cr homebuyer fraud case

ED arrested S Vasudevan, CMD and promoter of Ozone Urbana Infra Developers, in a money-laundering investigation into alleged cheating of homebuyers. Vasudevan was produced before a Bengaluru court on Thursday and was sent to ED custody for 14 days. ED alleged the company failed to deliver apartments despite receiving ₹927.22 crore from homebuyers and dishonestly retained and diverted the funds.