ED to chargesheet Gurugram realty company, promoter for multi-crore 'fraud' in PMAY

Swaraj Singh Yadav, the MD and “key particular person” of the corporate named Ocean Seven Buildtech Pvt. Ltd. , was arrested by the federal probe company on November 13 and is at present lodged in jail underneath judicial custody.

The ED has alleged that Yadav “fraudulently diverted” and laundered homebuyers’ funds value ₹222 crore collected underneath PMAY via cancellation and re-sale of items at inflated costs, assortment of considerable money premiums, and diversion of Escrow proceeds into “shell” entities.

The PMAY goals to offer housing to the economically weaker sections as a part of the Union authorities’s bold plan to make sure ‘dwelling for all’.

The company, sources mentioned, is finishing up an train for valuation of the belongings of the corporate and its promoters in order that they are often probably hooked up underneath the anti-money laundering regulation and later restituted to the victims of the alleged fraud.

A chargesheet can be anticipated to be filed in opposition to Yadav and his linked entities quickly, the sources mentioned.

There was no fast response from the corporate on the allegations made by the ED in opposition to it and its MD.

The company had claimed to have discovered a “sample of accelerated liquidation” of private and company-held belongings by Yadav throughout Gurugram, Maharashtra and Rajasthan within the current previous to transform “illicit” positive factors into simply disposable kind.

The ED informed a court docket and in a public assertion that Yadav’s spouse Sunita Swaraj “relocated” to the US in August, 2025 and was discovered residing at Harvard College at Boston in Massachusetts, whereas his kids have been finding out on the Trinity School in Connecticut.

“…such accelerated gross sales signifies a transparent try to dissipate belongings and evade authorized motion,” the ED alleged.

The company additionally detected an alleged modus operandi deployed by Yadav to generate illicit funds by “cancelling” allotments of flats underneath PMAY underneath “false” pretexts and reselling the identical items at greater costs with out refunding earlier funds, thereby amassing twin proceeds.

Yadav, the ED mentioned, additionally managed the cash-based premium assortment over and above the cash obtained via banking channels in such resales.

“An identical cash-driven mechanism was adopted within the sale of parking areas, the place solely a nominal quantity was routed via the corporate’s financial institution, and the remaining premium was taken in money as per his directions.

“These actions are half of a bigger investigation into the misuse of escrow funds and different violations talked about in a number of FIRs for predicate offences,” as per the ED.

The ED discovered that the worth of 1 PMAY flat was ₹26.5 lakh however the allotment of the eligible homebuyer was cancelled underneath the pretext of non-payment and subsequently re-sold at a value starting from ₹40-50 lakh.

“This resale course of was executed with out refunding the quantity paid by the earlier buyer, ensuing assortment of twin funds in opposition to the identical unit ,” the ED discovered.

The company additionally discovered that Yadav transferred a “enormous” quantity to USA by way of a checking account opened within the identify of his spouse via “hawala” transactions

Yadav’s authorized staff informed a Delhi court docket throughout his remand proceedings in November that almost all FIRs on which the ED relied to file a cash laundering case in opposition to their shopper have been “settled”.

The court docket of Extra Classes Choose Shefali Barnala Tandon subsequently rejected Yadav’s plea to quash his arrest and allowed ED’s utility for his 14 days custody on November 14. He was later despatched to judicial custody.

This text was generated from an automatic news company feed with out modifications to textual content.