ED Chargesheet Ocean Seven Buildtech in ₹222 Cr PMAY Scam

ED Moves to Chargesheet Gurugram Builder in ₹222 Crore PMAY Fraud

The Enforcement Directorate is preparing a chargesheet against Ocean Seven Buildtech Pvt. Ltd. (OSBPL) and its managing director, Swaraj Singh Yadav, over allegations of laundering ₹222 crore collected from homebuyers under the Pradhan Mantri Awas Yojana (PMAY). Officials allege that the funds intended for affordable housing projects were systematically diverted through shell companies, resale scams, and unaccounted cash transactions. ED teams are also evaluating assets across multiple states to initiate attachments under the PMLA.

MD Arrested as Agency Examines Suspicious Asset Sales

Swaraj Singh Yadav, described by investigators as the “key person” behind the scheme, was arrested on November 13 and remains in judicial custody. According to officials, funds collected from PMAY homebuyers were rerouted through Escrow accounts and funneled into shell firms.
ED sources also noted rapid liquidation of personal and corporate assets in Gurugram, Rajasthan, and Maharashtra, suggesting attempts to convert illicit proceeds into disposable holdings.

Dual Payments Scheme Uncovered in PMAY Allotments

Investigators uncovered a pattern where units priced at roughly ₹26.5 lakh under PMAY were cancelled under false pretenses and resold for ₹40–50 lakh without refunding original buyers.

The agency also found that significant portions of payments—particularly premiums and parking charges—were collected in cash, with only nominal amounts recorded officially. Officials believe this was part of a deliberate attempt to conceal revenue streams and misuse escrow systems.

International Money Transfers and Family Links Probed

During the probe, ED discovered large transfers routed abroad, including funds sent to the United States through an account in the name of Yadav’s wife, Sunita Swaraj. She is currently residing near Harvard University, while the couple’s children study at Trinity College in Connecticut.

According to investigators, the family’s relocation and accelerated asset offloading point to an effort to disperse wealth and evade legal consequences.

Court Rejects Plea to Quash Arrest

After being presented before Patiala House Courts, Yadav’s counsel argued that many related FIRs were settled. The court rejected this claim and granted ED 14 days of custody to examine financial records, cross-border transfers, and digital evidence.
Following custodial interrogation, Yadav was sent to judicial custody. OSBPL has not issued any official response to the allegations.

ED Finalises Chargesheet and Asset Attachment Measures

The ED is now completing its prosecution complaint, focusing on misuse of escrow funds, forged documentation, resale proceeds, and links to multiple FIRs across Haryana and Delhi-NCR.
Authorities are conducting forensic valuation of properties and movable assets, which may be attached to recover losses and compensate affected PMAY buyers. Findings will also be shared with other central agencies, including the CBI.

Case Raises Serious Concerns About PMAY Implementation

Officials say the investigation exposes structural vulnerabilities within PMAY, a flagship affordable housing initiative. They warn that private developers have exploited regulatory gaps to generate unaccounted wealth, undermining the scheme’s intent to provide low-cost homes.

More arrests are expected as forensic audits progress and additional financial trails emerge.

Large-scale fraud cases like this emphasize the importance of strong financial oversight and transparent reporting structures - especially for organizations handling public-facing funds.

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