New Delhi, Jan 6 (.) The Enforcement Directorate (ED) on Tuesday said it had recently attached movable and immovable properties valued at Rs 51.57 crore in the case of Ocean Seven Buildtech Pvt. Ltd. (OSBPL).
The attachment follows a detailed investigation which revealed systematic misuse of funds collected from a large number of homebuyers who had invested their savings in affordable housing projects.
Instead of being utilised for the construction and delivery of the promised units, the projects remained incomplete, allotments were cancelled arbitrarily, and homebuyers were subjected to prolonged uncertainty and financial loss, while funds entrusted for project development were diverted for purposes unrelated to the housing projects.
The attached assets include immovable properties valued at Rs 49.79 crore, comprising a villa, a hotel and resort, office spaces, and multiple land parcels located in Gurugram, Himachal Pradesh, and Maharashtra. The movable assets, valued at Rs 1.78 crore, consist of seized cash and bank balances held in various bank accounts of Swaraj Singh Yadav, Ocean Seven Buildtech Private Limited, and its related entities.
The ED initiated a PMLA investigation based on multiple FIRs registered by the Economic Offences Wing of Delhi Police and Haryana Police for offences of cheating, criminal breach of trust, forgery, and criminal conspiracy. These cases pertain to affordable housing projects launched by OSBPL, in which substantial amounts were collected from homebuyers and investors on assurances of timely construction and lawful delivery.
Despite receiving the funds, the projects remained incomplete, possession was not handed over, and genuine allottees were unlawfully deprived of their units through arbitrary cancellations and re‑allotments, resulting in significant financial loss and hardship to the buyers.
The ED’s investigation has established that Swaraj Singh Yadav, promoter and key decision‑maker of OSBPL, played a central role in orchestrating the entire scheme. Funds collected from homebuyers for construction were deliberately diverted instead of being used for the intended projects.
Under his direction, project‑specific escrow funds were circulated through group accounts and related entities, statutory safeguards were bypassed, and the same housing units were repeatedly resold at inflated prices, generating substantial illicit proceeds. Parking spaces and cancelled units were monetised at rates far above permissible limits, and forged and fabricated documents were used to falsely justify illegal cancellations.
The diverted funds were further layered and utilised for personal expenses, acquisition of properties, and other ventures, reflecting a calculated abuse of the trust reposed by homebuyers. Investigation is ongoing.
. ATK PPP RB