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The Enforcement Directorate has arrested Swaraj Singh Yadav, CEO of Ocean Seven Buildtech Private Limited (OSBPL), on charges of money laundering by allegedly diverting funds collected from home buyers to multiple housing projects.
The ED conducted searches at nine places in and around Delhi and other places after which it arrested Mr Yadav, who is a “key person and managing director of OSBPL for his alleged role in laundering and diverting funds received from home buyers in many projects”. The agency also seized ₹86 crore in cash in the custody of his relative, which came from the sale of land in Rajasthan.
According to the ED, Mr. Yadav fraudulently diverted and laundered homebuyer funds collected under Pradhan Mantri Awas Yojana (PMAY) projects by canceling and reselling units at inflated prices, collecting hefty cash premiums and diverting escrow proceeds to shell entities.
“The ED investigation further revealed a pattern of accelerated liquidation of Swaraj Singh Yadav’s personal and corporate assets in the recent past across Gurugram, Maharashtra and Rajasthan to convert ill-gotten gains into an easily usable form. His wife and children have moved to the US and such accelerated sales indicate a clear attempt to disperse assets and avoid legal action.”
The agency alleged that the modus operandi involved generating funds by canceling the allotment of flats under the PMAY scheme under “false pretexts” and reselling the same units at higher prices without refunding the earlier payments, thus earning double returns.
“He also controlled the cash collection of premium over and above the money received through bank channels in such resale. A similar cash mechanism was applied in the sale of parking lots where only a nominal amount was routed through the company’s bank and the remaining premium was collected in cash as per his instructions,” the agency said, adding that a wider investigation into the alleged misuse of escrow funds and other violations is underway.
The arrested accused was produced before a Delhi court “at midnight in strict accordance with the directions of the Supreme Court”. Proceedings before the magistrate began at 2:25 a.m. on Friday and lamb was granted to give adequate legal aid to the accused.
“The ED made detailed submissions to the learned court and the defense was also given full opportunity to be heard, culminating in the order of remand at 6:10 am. The judge was pleased to give both sides a patient and fair hearing after allowing ample time,” he said. After considering the submissions of both the parties, the court sent the accused to ED custody for 14 days.
Published – 15 Nov 2025 21:05 IST
