The recent arrest of S. Vasudevan, Chairman and Managing Director of Ozone Urbana Infra Developers Pvt. Ltd., has renewed attention on the contrasting pace of enforcement in major economic-offence cases, as a decade-old ₹280 crore State Bank of India loan-fraud case involving Rajput Retail Ltd. and developer Harresh Navnitrai Mehta remains without a final judicial outcome.
The Enforcement Directorate arrested Vasudevan on September 30, 2026, under the Prevention of Money Laundering Act in connection with the Ozone Urbana case. The Special PMLA Court in Bengaluru subsequently remanded him to 14 days of ED custody.
The case has been cited alongside the older SBI loan-fraud investigation, where the CBI registered an FIR in 2016 but no final conviction or trial verdict had been established by October 2026.
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ED Action in ₹927 Crore Ozone Urbana Case
The Ozone Urbana investigation involves allegations that funds collected from around 1,351 homebuyers were diverted from the township project instead of being used to complete promised apartments.
Investigators have alleged that project funds were siphoned and routed through shell entities while several homebuyers were left without possession of their properties.
Before Vasudevan’s arrest, the ED had provisionally attached immovable properties valued at about ₹423.38 crore in connection with the investigation.
The arrest and property attachment marked significant enforcement steps in the case, with the agency securing assets while continuing its money-laundering probe.
₹280 Crore SBI Case Dates Back to 2011-12
The ₹280 crore SBI loan-fraud case involves credit facilities extended to Rajput Retail Ltd. and transactions linked to commercial property at The Ruby in Dadar, Mumbai.
The underlying transactions date back to 2011 and 2012. The CBI registered an FIR in 2016 following a complaint from SBI.
A chargesheet filed in 2018 named promoters of Rajput Retail and bank officials, while Harresh Mehta, associated with Rohan Developers and Rohan Lifescapes, was listed as a witness at that stage.
The case also involves ₹155 crore in SBI loan proceeds credited to Ruby Mills for commercial premises in The Ruby.
Investigators later examined an alleged ₹50 crore inter-corporate deposit transferred to entities linked to Rohan Developers. Mehta has maintained that the deposit was a separate and legitimate commercial transaction.
Arrest in 2023, but No Final Verdict by October 2026
The CBI arrested Mehta in May 2023 during further investigation into the SBI loan case.
He was subsequently granted bail by the Special CBI Court in Thane.
Despite the arrest, the matter remained unresolved by October 2026, with no judicial conviction or final trial verdict established in the case.
The contrast between the recent custodial and asset-attachment action in the Ozone Urbana investigation and the prolonged procedural history of the SBI case has brought renewed attention to the timelines involved in complex economic-offence prosecutions.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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