Bengaluru, Oct. 2 -- The Enforcement Directorate (ED) has arrested Ozone Urban Infra Developers Pvt Ltd Chairman and Managing Director S. Vasudevan in a money laundering investigation linked to an alleged Rs 927.22 crore financial fraud involving homebuyers.

The ED arrested Vasudevan on September 30 under the Prevention of Money Laundering Act, 2002. He was subsequently produced before the Special PMLA Court in Bengaluru on October 1. The court granted 14 days' custody to the Enforcement Directorate, allowing investigators to question him in connection with the case.

The probe is based on FIRs registered by the CBI and Bengaluru police in relation to allegations against the real estate company and its promoters. The ED has alleged that ...