The Enforcement Directorate (ED) has provisionally attached movable and immovable properties of a real estate and construction company valued at Rs 51.57 crore. This action was taken due to alleged misuse of funds collected from home buyers and delays in delivering flats. The assets, including a hotel, a villa, and other properties, belong to Ocean Seven Buildtech Pvt. Ltd. (OSBPL) and were attached under the Prevention of Money Laundering Act (PMLA), 2002.
The attached assets, valued at Rs 49.79 crore, consist of immovable properties such as a villa, a hotel, office spaces, and land parcels in Gurugram, Himachal Pradesh, and Maharashtra. Additionally, movable assets worth Rs 1.78 crore, including cash and bank balances held in various accounts, were seized. These assets are linked to Swaraj Singh Yadav, Ocean Seven Buildtech Private Limited, and related entities, as per the ED.
The ED’s investigation revealed the misuse of funds collected from numerous homebuyers who had invested in affordable housing projects. It was found that the projects were incomplete, allotments were canceled arbitrarily, and homebuyers faced financial losses and uncertainty. The diverted funds were not used for the intended housing projects, leading to significant hardships for the buyers.
The ED’s probe indicated that Swaraj Singh Yadav, the key figure behind OSBPL, orchestrated the diversion of funds collected from homebuyers. The investigation was initiated based on FIRs filed by the Economic Offences Wing, Delhi Police, and Haryana Police for various offenses including cheating, criminal breach of trust, forgery, and criminal conspiracy. The cases involve affordable housing projects where funds were collected but projects were left incomplete, causing financial losses to genuine buyers.
Under Yadav’s direction, project-specific funds were misused, statutory safeguards were bypassed, and housing units were resold at inflated prices. The diverted funds were used for personal expenses, property acquisition, and other ventures, betraying the trust of homebuyers. The ED’s actions aim to address the misuse of funds and provide justice to the affected homebuyers.
