The Enforcement Directorate (ED) has taken major action against Ocean Seven Buildtech Private Limited (OSB Group) in an alleged money laundering case, seizing properties worth approximately ₹136 crore. The properties are located in Jaipur, Kotputli and Behror in Rajasthan, as well as Sector 102 in Gurugram, Haryana. The investigating agency has also frozen five bank accounts belonging to the group. Following the latest action, the total value of properties seized in connection with the OSB Group has reached approximately ₹188 crore.
According to the investigating agency, the group allegedly diverted money collected from customers who purchased flats and plots instead of using the funds to develop the projects for which the money was raised. The role of the group’s promoter, Swaraj Singh Yadav, his wife, Sunita Swaraj, and other associated individuals is under investigation. Several criminal cases have been registered against them in Delhi, Haryana and Rajasthan. Recently, Rajasthan Police also registered two new cases against the group.
How Was ₹118 Crore Collected?
The ED’s investigation has revealed that OSB Group launched four separate projects in Rajasthan between December 2006 and March 2015. Under these projects, the group allegedly collected approximately ₹118 crore from buyers in the name of providing flats and plots.
Investigators suspect that the money collected from customers was used for purposes other than developing the projects concerned. According to the investigation, a portion of the funds was allegedly used to purchase land for the company’s office in Gurugram. The money was also reportedly diverted to other projects undertaken by the group.
FCRF Launches CP-FRM to Build India’s Next Generation of Fraud Risk Professionals
Where Was the Buyers’ Money Diverted?
The agency is now examining the movement of funds to establish how the money collected from buyers was transferred between different accounts and where it was ultimately utilised. Investigators are also scrutinising transactions linked to properties and other business activities to trace the alleged proceeds of crime.
Which Properties Has the ED Seized?
The latest ED action covers properties located in Jaipur, Kotputli and Behror in Rajasthan, along with properties in Sector 102 of Gurugram. The freezing of five bank accounts has also brought the group’s financial transactions under scrutiny.
The agency is examining documents related to the seized properties and frozen accounts to establish links between the alleged diversion of customer funds and the assets identified during the investigation. The action forms part of the wider probe into suspected money laundering and the alleged misuse of funds collected from property buyers.
With the latest seizure, the total value of properties seized in connection with the group has reached approximately ₹188 crore. However, the seizure of assets and freezing of bank accounts are measures taken during the investigation and do not, by themselves, establish the guilt of the accused. The allegations will be subject to the applicable legal proceedings.
Who Is Under Investigation?
OSB Group promoter Swaraj Singh Yadav, his wife Sunita Swaraj and other associated individuals are facing investigations in connection with several criminal cases registered in Delhi, Haryana and Rajasthan.
The two additional cases recently registered by Rajasthan Police have added to the legal scrutiny surrounding the group. Investigators are examining the facts emerging from different cases, financial records and documents relating to ownership of the identified properties.
What Will the ED Investigate Next?
A key focus of the investigation is to determine how the money collected from customers was utilised and whether the funds were allegedly diverted to acquire other properties or finance separate projects instead of being used for the developments for which they were collected.
The ED is continuing to analyse financial transactions and documentary evidence to trace the movement of the funds and establish the links, if any, between the alleged diversion of customer money and the properties seized. Further action will depend on the findings of the ongoing investigation and the evidence gathered by the agency.
The420 Insight: Buyers’ Funds at the Centre of the Probe
The OSB Group investigation centres on whether money collected from flat and plot buyers was used for the projects they had paid for. With properties worth approximately ₹188 crore seized and five bank accounts frozen, tracing financial transactions remains central to the ED’s inquiry. The investigation must establish the connection between the alleged diversion of funds and the identified assets before responsibility can be determined.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
