In an alleged homebuyers’ fraud case involving Gurugram-based real estate company Ocean Seven Buildtech Pvt Ltd (OSBPL), provisional assets to the tune of more than ₹50 crores have been attached in relation to an investigation into money laundering by the ED, it has been confirmed.
As per the prime investigating agency, the encashered properties include a villa, hotel, resort, various office spaces, land chunks, and money deposits located in the regions of Haryana, Himachal Pradesh, and Maharashtra. In total, the value of the encashered properties and the amount of funds seized is of ₹51.57 crore.
In a statement, the ED stated that immovable assets to the value of ₹49.79 crore, as well as cash and bank deposits of ₹1.78 crore, have been seized against the company, its promoter, as well as other groups, as these were held in their name. The move was made as per the Prevention of Money Laundering Act (PMLA).
Promoter arrested
The agency named Swaraj Singh Yadav, the main promoter and decision-taker in OSBPL, as the mastermind in this case of possible fraud. Yadav has been arrested by ED in November 2025 in this case that is being investigated by the authority.
According to the ED, Yadav had a “central role” in planning a conspiracy to siphon off funds gathered from homebuyers, for which purpose they were meant to construct and deliver residential units. An investigation showed there were many affordable residential projects started by this firm which had been left half-completed, with buyers experiencing considerable delay and losses.
Allegations of fund diversion
According to the ED, funds collected from a large number of homebuyers were systematically misused. “Instead of being utilised for project development, the funds were diverted for personal expenses, acquisition of properties, and other unrelated ventures,” the agency said.
The investigation further found that housing units constructed by the company were repeatedly resold at inflated prices, generating substantial illicit proceeds. In several cases, allotments were allegedly cancelled arbitrarily, and the same units were re-allotted to new buyers.
The ED also claimed that parking spaces and cancelled units were monetised at rates far exceeding permissible limits. Forged and fabricated documents were allegedly used to justify illegal cancellations and re-allotments, the agency added.
FIRs by state police
The money laundering case arises out of the series of FIRs registered by the Delhi and Haryana police against OSBPL for allegedly cheating the homebuyers in the affordable housing projects it planned and executed. It is claimed that the homebuyers were cheated through random cancellations, repeated sales, and not delivering possession despite receiving substantial amounts.
While seeking Yadav’s remand, the ED also informed a court that his wife, Sunita Swaraj, relocated to the United States in August 2025 and was found residing in Boston, Massachusetts.
According to the ED, the investigation is still ongoing in relation to tracing the proceeds of crime as well as other assets linked to the alleged fraud. This case continues the growing trend of enforcement actions by regulatory bodies against real estate businesses that are alleged to have misled house purchase transactions by potential consumers.
Image source- enforcementdirectorate.gov.in
