NEW DELHI: The Enforcement Directorate is anticipated to file a chargesheet soon against a Gurugram-based real estate firm and its promoters in a multi-crore money laundering inquiry linked to alleged discrepancies in the Pradhan Mantri Awas Yojna (PMAY) and fraud against homebuyers, official sources revealed on Sunday.
Swaraj Singh Yadav, the Managing Director and “key person” of Ocean Seven Buildtech Pvt. Ltd. (OSBPL), was arrested by the federal agency on November 13 and is currently in judicial custody.
The ED has accused Yadav of “fraudulently diverting” and laundering Rs 222 crore of homebuyers’ funds received under PMAY by canceling and reselling units at inflated prices, collecting large cash premiums, and redirecting Escrow proceeds to “shell” (dummy) companies.
PMAY aims to provide housing for economically weaker sections as part of the Indian government’s ambitious “Housing for All” initiative.
Sources indicate that the agency is assessing the assets of the company and its promoters for potential attachment under anti-money laundering laws, with the intention of returning funds to the victims of the alleged fraud.
A chargesheet against Yadav and related entities is expected to be filed shortly, sources added.
No immediate comment has been received from the company regarding the ED’s allegations. The agency claimed to have identified a “pattern of accelerated liquidation” of personal and company assets by Yadav in Gurugram, Maharashtra, and Rajasthan, aiming to convert “illicit” gains into easily disposable forms.
The ED noted in court and public statements that Yadav’s wife, Sunita Swaraj, relocated to the US in August 2025 and is currently residing at Harvard University in Boston, while their children are attending Trinity College in Connecticut.
“Such accelerated sales indicate a clear attempt to dissipate assets and evade legal action,” the ED asserted.
The investigation revealed that Yadav generated illicit funds by “cancelling” PMAY flat allotments under “false” pretexts and reselling them at higher prices without refunding the initial payments, thereby collecting payments two times for the same unit.
The ED established that Yadav managed cash-based premium collections beyond the amounts received through bank transactions in these resales.
A similar cash-based scheme was used in parking area sales, where only a minimal amount was processed through the company bank, with significant premiums collected in cash per his instructions.
“These actions are part of a broader investigation into the misuse of escrow funds and various violations outlined in multiple FIRs related to predicate offenses,” the ED reported.
For instance, the cost of a PMAY flat was Rs 26.5 lakh, but the allotment to an eligible homebuyer was canceled under claims of non-payment and later resold for Rs 40-50 lakh without refunding the previous purchaser, resulting in dual payments for the same property.
The agency also identified that Yadav transferred a “large” sum to the US through a bank account opened in his wife’s name, facilitated by “hawala” transactions.
Yadav’s legal team argued in a Delhi court during his remand proceedings in November that most FIRs used by the ED to pursue money laundering allegations have been “settled.”
The Additional Sessions Judge (Patiala House courts) Shefali Barnala Tandon denied Yadav’s motion to quash his arrest and approved the ED’s request for his custody for 14 days on November 14, after which he was sent to judicial custody.
