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.
