NEW DELHI: The Enforcement Directorate (ED), headquartered in New Delhi, has provisionally attached movable and immovable assets worth about ₹51.57 crore in connection with an investigation involving M/s Ocean Seven Buildtech Private Limited (OSBPL) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to the ED, the action follows an extensive financial probe that suggested a systematic misuse of money collected from a large number of homebuyers who invested in affordable housing projects promoted by the company.
Investigators found that several projects for which funds were raised were either left incomplete or saw allotments cancelled arbitrarily. As a result, many buyers reportedly faced years of uncertainty, financial loss and delays — even as the money meant for project development was allegedly diverted to unrelated purposes.
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What has been attached?
The attached assets include: Immovable properties worth around ₹49.79 crore (a villa, a hotel and resort, office premises, and multiple land parcels located in Gurugram, Himachal Pradesh and Maharashtra).
In addition, the ED has attached: Movable assets worth about ₹1.78 crore, including seized cash and bank balances held in the accounts of Swaraj Singh Yadav, Ocean Seven Buildtech, and its related entities.
How did the investigation begin?
The ED initiated its probe on the basis of multiple FIRs registered by: the Economic Offences Wing of Delhi Police, and Haryana Police, involving charges such as cheating, criminal breach of trust, forgery and criminal conspiracy.
The cases relate to affordable housing projects launched by the company, where buyers were promised timely construction and lawful possession, but the projects allegedly failed to reach completion within the assured timeframe. In several instances, it is alleged that:
- possession was not handed over,
- allotments were cancelled, and
- properties were re-allotted, depriving original allottees of their units,
- leading to serious financial and emotional distress for investors.
Alleged ‘central role’
The ED has claimed that its investigation points to the central role of Swaraj Singh Yadav, described as a key person and decision-maker in the company. According to the agency:
- funds collected from homebuyers were diverted deliberately instead of being used for designated projects;
- amounts parked in project-specific escrow accounts were routed through other bank accounts and related entities;
- statutory safeguards were bypassed; and in some cases, the same housing unit was allegedly sold multiple times at higher prices.
The agency has further alleged that:- parking spaces and cancelled units were sold at rates higher than permissible limits, often in cash; and forged and fabricated documents were used to conceal these irregularities.
The diverted funds were then reportedly layered across multiple transactions and ultimately used for personal benefit, property acquisition and other ventures. Breach of trust, ED says According to the agency: “The case reflects a planned misuse of the trust reposed by homebuyers.”
Many families had invested their life savings with the expectation of secure housing — only to confront unfinished projects, cancelled allotments and prolonged legal challenges.
What next?
The ED has stated that: the investigation is still underway. Further examination of money trails, associated entities and beneficiaries is expected. Additional attachments and prosecution complaints may follow, depending on the findings.
