NEW DELHI: On Friday, a Delhi court granted the Enforcement Directorate (ED) a 14-day custody of Swaraj Singh Yadav, the director of Ocean Seven Buildtech Pvt Ltd (OSBPL) in Gurugram, over an alleged money-laundering case.
Yadav was presented before Additional Sessions Judge Shefali Barnala Tandon around 2:25 am following his arrest related to money laundering tied to the Pradhan Mantri Awas Yojana (PMAY), a flagship initiative by the Union government.
The agency explained that Yadav was brought to the judge’s residence at this unusual hour due to constitutional mandates requiring arrestees to be produced within 24 hours.
Launched on June 25, 2015, PMAY aims to ensure pucca houses for all eligible urban households by the year 2022, coinciding with the 75th anniversary of India’s independence.
Special Public Prosecutor Simon Benjamin accused Yadav of being involved in the cancellation of PMAY flat allotments (originally priced at ₹26.5 lakh) and subsequently reselling them at inflated prices between ₹40 and ₹50 lakh.
Moreover, he allegedly duped thousands of home buyers across various cities, including Mumbai, Jaipur, and Gurugram.
The prosecutor stated that Yadav withdrew funds from his company’s escrow account to transfer to associated entities. Additionally, the ED claimed he diverted ₹222 crore toward personal investments, including real estate.
The court noted, “The grounds for arrest indicate a serious concern that Yadav may evade criminal proceedings and financial responsibilities.” It also mentioned that the overseas residence of immediate family members and the reported fund diversion abroad heightened the risk of him fleeing.
The court confirmed that Yadav’s custodial interrogation was crucial for deepening the investigation and understanding his involvement in the alleged money laundering activities.
In its application, the investigating officer (IO) requested 14 days of ED custody to interrogate the arrestee about the roles of other alleged accomplices and to uncover further proceeds of crime.
Recognizing the ED’s request, the court validated the need for custodial interrogation to reveal significant evidence related to the crime and other individuals involved while clarifying the operation’s complete methodology.
“The ED is granted custody of the arrestee until November 28,” the court concluded.
