The Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth ₹51.57 crore belonging to M/s Ocean Seven Buildtech Private Limited (OSBPL) and its promoter Swaraj Singh Yadav in a money laundering investigation involving alleged fraud on homebuyers in affordable housing projects.

The attached assets include immovable properties valued at ₹49.79 crore—comprising a villa, a hotel and resort, office spaces, and multiple land parcels in Gurugram (Haryana), Himachal Pradesh, and Maharashtra. Movable assets worth ₹1.78 crore consist of seized cash and bank balances in accounts linked to Yadav, OSBPL, and related entities.

The ED’s probe, initiated based on multiple FIRs registered by the Economic Offences Wing of Delhi Police and Haryana Police, alleges offences of cheating, criminal breach of trust, forgery, and criminal conspiracy. The complaints stem from OSBPL’s affordable housing projects, where substantial funds were collected from homebuyers with promises of timely delivery.

Investigation revealed that despite receiving funds, projects remained incomplete, possessions were not handed over, and units were arbitrarily cancelled and re-allotted. Homebuyers faced prolonged uncertainty and financial losses while entrusted funds were diverted for unrelated purposes.

ED findings establish that Swaraj Singh Yadav, the key promoter and decision-maker, orchestrated the scheme. Project-specific escrow funds were routed through free accounts and related entities, bypassing statutory safeguards. Units were resold multiple times at inflated prices, parking spaces monetised beyond limits, and forged documents used to justify illegal cancellations.

The diverted proceeds were layered and used for personal expenses, property acquisitions, and other ventures, amounting to a systematic abuse of trust.

The agency stated that further investigation is underway.

This case highlights growing scrutiny on real estate developers amid rising complaints of fund diversion and project delays affecting thousands of homebuyers.

Also Read: PMAY Homebuyers Cheated: ED Arrests OSBPL Head for Fraud, Fund Diversion and Cash-Based Resale Racket

You May Also Like

🏗️ Realty Stocks Start the Day Steady but Cautious as Markets Open

Realty stocks opened on a stable but cautious note today, with large developers holding the index steady while mid-caps remained mixed. The sector is expected to trade range-bound unless new triggers emerge.

India’s REIT Market Set for Major Expansion: Asset Values to Jump Up to 40% by FY27

India’s REIT sector is set for strong expansion, with gross asset values expected to rise up to 40% by FY27, backed by asset acquisitions, improving occupancies, and stable leverage, according to Crisil Ratings.

This Housing Society Lost Its Registration, Read To Know Why?

The Bombay High Court has cancelled the registration of a proposed housing society after ruling that the Registrar approved it without providing required legal reasoning. Calling the order arbitrary and illegal, the court has directed a fresh hearing with full transparency.

Why Reciting the Hanuman Chalisa at Home Brings Peace, Protection & Positive Energy

Looking for peace and protection in your home? Discover how the Hanuman Chalisa can remove negativity, boost family harmony, and safeguard your space. Includes full text and meaning.