Tag: money laundering investigation

Latest StoriesRegulatory

ED Files Chargesheet Against Gurugram Realty Firm for PMAY Fraud

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…

Latest StoriesRegulatory

ED Files 22 Cases in Builders-Banks Nexus Investigation

NEW DELHI: The Enforcement Directorate (ED) has initiated 22 cases under the anti-money laundering statutes to probe the alleged “unholy nexus” between builders and banks responsible for defrauding homebuyers in the national capital region (NCR), according to officials. The cases, filed under the Prevention of Money Laundering Act (PMLA), arise from an equal number of FIRs by the CBI issued at the end of July, following directives from the Supreme Court. The ED emphasizes that these cases involve significant public interest, with numerous homebuyers allegedly victimized. Investigations will focus on uncovering fraud, corruption, and money laundering activities by builders, banks,…