NEW DELHI: The Enforcement Directorate (ED) has seized a villa, a hotel, a resort, along with several land parcels and deposits exceeding Rs 50 crore as part of a money laundering investigation concerning a fraud involving homebuyers tied to Gurugram’s Ocean Seven Buildtech Pvt Ltd (OSBPL).
The ED’s statement indicated that Swaraj Singh Yadav, the company’s promoter, was instrumental in orchestrating this fraudulent scheme by misappropriating funds gathered from homebuyers intended for housing construction.
Yadav was arrested in November as part of the ongoing investigation. The assets seized include a villa, hotel, resort, multiple office spaces, and several land parcels in Gurugram (Haryana), Himachal Pradesh, and Maharashtra, valued at Rs 49.79 crore.
Additionally, Rs 1.78 crore in cash and bank deposits belonging to Yadav, OSBPL, and associated entities have been confiscated, bringing the total asset value to Rs 51.57 crore.
The ED’s attachment of these assets arises from a thorough financial probe that revealed a systematic misuse of funds collected from numerous homebuyers who invested their savings in affordable housing projects.
“These funds were not used for construction or delivery of the promised housing units; instead, projects were left incomplete, allotments were cancelled arbitrarily, and homebuyers faced prolonged uncertainty and financial losses,” the ED alleged.
The investigation into OSBPL and Yadav originates from FIRs filed by the Delhi and Haryana police, citing allegations that the company defrauded homebuyers through arbitrary cancellations and re-allotments of affordable housing projects.
While seeking Yadav’s remand, the ED claimed his wife, Sunita Swaraj, relocated to the US in August 2025, currently residing at Harvard University in Boston, Massachusetts.
The housing units developed by the company were reportedly resold at inflated prices, resulting in significant illicit earnings. Furthermore, parking spaces and cancelled units were monetized well beyond permissible limits, and forged documents were employed to validate the illegal cancellations, according to the ED.
“The misappropriated funds were further layered and used for personal expenditures, property acquisitions, and other activities, showcasing a calculated deceit against the trust placed by homebuyers,” the agency asserted.
