6 months ago
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The Enforcement Directorate is soon expected to chargesheet a Gurugram-based existent property institution and its promoters successful a multi-crore wealth laundering probe linked to alleged irregularities successful the Pradhan Mantri Awas Yojna (PMAY) and fraud with homebuyers, authoritative sources said connected Sunday (December 7, 2025).
Swaraj Singh Yadav, the MD and "key person" of the institution named Ocean Seven Buildtech Pvt. Ltd. (OSBPL), was arrested by the national probe bureau connected November 13 and is presently lodged successful jailhouse nether judicial custody.
The ED has alleged that Mr. Yadav "fraudulently diverted" and laundered homebuyers' funds worthy ₹222 crore collected nether PMAY done cancellation and re-sale of units astatine inflated prices, postulation of important currency premiums, and diversion of Escrow proceeds into "shell" (dummy) entities.
The PMAY aims to supply lodging to the economically weaker sections arsenic portion of the Union Government's ambitious program to guarantee 'home for all'.
The agency, sources said, is carrying retired an workout for valuation of the assets of the institution and its promoters truthful that they tin beryllium perchance attached nether the anti-money laundering instrumentality and aboriginal restituted to the victims of the alleged fraud.
A chargesheet is besides expected to beryllium filed against Mr. Yadav and his linked entities soon, the sources said.
There was nary contiguous effect from the institution connected the allegations made by the ED against it and its MD.
The bureau had claimed to person recovered a "pattern of accelerated liquidation" of idiosyncratic and company-held assets by Mr. Yadav crossed Gurugram, Maharashtra and Rajasthan successful the caller past to person "illicit" gains into easy disposable form.
The ED told a tribunal and successful a nationalist connection that Mr. Yadav's woman Sunita Swaraj "relocated" to the U.S. successful August, 2025 and was recovered residing astatine Harvard University astatine Boston successful Massachusetts, portion his children (a lad and a daughter) were studying astatine the Trinity College successful Connecticut.
"...such accelerated income indicates a wide effort to dissipate assets and evade ineligible action," the ED alleged.
The bureau besides detected an alleged modus operandi deployed by Mr. Yadav to make illicit funds by "cancelling" allotments of flats nether PMAY nether "false" pretexts and reselling the aforesaid units astatine higher prices without refunding earlier payments, thereby collecting dual proceeds.
Mr. Yadav, the ED said, besides controlled the cash-based premium postulation implicit and supra the wealth received done banking channels successful specified resales.
"A akin cash-driven mechanics was followed successful the merchantability of parking areas, wherever lone a nominal magnitude was routed done the company's bank, and the remaining premium was taken successful currency arsenic per his instructions.
"These actions are portion of a larger probe into the misuse of escrow funds and different violations mentioned successful aggregate FIRs for predicate offences," arsenic per the ED.
The ED recovered that the terms of 1 PMAY level was ₹26.5 lakh but the allotment of the eligible homebuyer was cancelled nether the pretext of non-payment and subsequently re-sold astatine a terms ranging from ₹40-50 lakh.
"This resale process was executed without refunding the magnitude paid by the erstwhile customer, ensuing postulation of dual payments against the aforesaid portion [house]," the ED found.
The bureau besides recovered that Mr. Yadav transferred a "huge" magnitude to the U.S. via a slope relationship opened successful the sanction of his woman done "hawala" transactions. Mr. Yadav's ineligible squad told a Delhi tribunal during his remand proceedings successful November that the bulk FIRs connected which the ED relied to record a wealth laundering lawsuit against their lawsuit person been "settled".
The tribunal of Additional Sessions Judge (Patiala House courts) Shefali Barnala Tandon subsequently rejected Mr. Yadav's plea to quash his apprehension and allowed ED's exertion for his 14 days custody connected November 14. He was aboriginal sent to judicial custody.
