NEW DELHI: The Enforcement Directorate (ED) has filed a chargesheet against a promoter of a Gurugram-based real estate firm and several others as part of a money laundering probe related to an alleged fraud involving homebuyers under the Pradhan Mantri Awas Yojana (PMAY).
This prosecution complaint was submitted to a special Prevention of Money Laundering Act (PMLA) court at Patiala House. The chargesheet involves several sections of the anti-money laundering law, identifying Swaraj Singh Yadav, the promoter of Ocean Seven Buildtech Pvt Ltd (OSBPL), along with associated entities as accused, according to the agency’s statement.
This week, the ED attached a villa, a hotel, a resort, and land parcels, in addition to deposits exceeding Rs 50 crore belonging to Yadav and his affiliated entities.
Characterizing Yadav as a “key” decision-maker within the real estate company, the ED indicated that he played a significant role in orchestrating the fraudulent scheme, which involved misdirecting funds collected from homebuyers meant for constructing affordable housing under PMAY in Gurugram.
Yadav was arrested by the central agency in November and is currently incarcerated under judicial custody.
The ED stated it conducted a comprehensive financial investigation revealing systematic misallocation of funds obtained from numerous homebuyers who had invested in affordable housing projects.
Instead of being used for the promised construction and delivery of housing units, the projects remained incomplete, cancellations were made arbitrarily, causing prolonged uncertainty and financial losses for the homebuyers.
The funds designated for project development were diverted to unrelated purposes.
The money laundering investigation involving OSBPL and Yadav originated from FIRs filed by the Delhi and Haryana police, alleging the company deceived homebuyers through arbitrary cancellations and re-allotments of affordable housing projects.
In a court statement while seeking Yadav’s remand, the ED mentioned that his wife, Sunita Swaraj, “relocated” to the US in August 2025, where she was residing at Harvard University in Boston, Massachusetts.
Furthermore, the ED claimed that Yadav was “attempting” to liquidate his domestic assets and migrate abroad.
The agency detailed that the diverted funds were laundered by routing them through various entities, including KTP Infratech Pvt. Ltd., and were utilized for acquiring immovable properties, luxury expenses, and personal investments.
“The misappropriated funds were further layered and utilized for personal expenditures, property acquisition, and other ventures, demonstrating a deliberate betrayal of trust by the homebuyers,” stated the agency previously.
