The Enforcement Directorate (ED) has submitted a charge sheet in a Special Court in Delhi against the promoter of Ocean Seven Buildtech for deceiving applicants of the Pradhan Mantri Awas Yojana (PMAY) and laundering over Rs 69 crore collected from individuals seeking affordable housing in Gurugram. The Prosecution Complaint (PC) was filed against Swaraj Singh Yadav and associated entities for money laundering under the Prevention of Money Laundering Act (PMLA), 2002.
Earlier, the ED had seized assets of Ocean Seven Buildtech, including a villa, hotel, resort property, office spaces, land parcels, and bank balances in Gurugram, Himachal Pradesh, and Maharashtra. The investigation uncovered attempts by the accused to liquidate domestic assets and flee abroad, prompting the issuance of a Look Out Circular. Swaraj Singh Yadav, arrested on November 13, is currently in judicial custody.
The Prosecution Complaint stems from multiple FIRs filed by the Economic Offences Wing, Delhi Police, and Haryana Police regarding cheating, breach of trust, forgery, and financial fraud against homebuyers and investors in affordable housing projects under the PMAY in Gurugram. Despite significant funds collected, no homes have been delivered, leaving families in uncertainty and financial distress.
The ED’s investigation under PMLA exposed a scheme where funds meant for construction were diverted for personal gain, leading to the acquisition of luxury assets. Instead of fulfilling commitments, the money was misused, funneled through shell entities, and converted into luxury possessions. Genuine allotments were canceled unlawfully, and units were resold at higher prices, with cash payments exceeding legal limits.
