Enforcement Directorate Charges Promoter in PMAY Housing Fraud Case
The Enforcement Directorate (ED) has recently filed a chargesheet against a promoter of a Gurugram-based realty firm and others involved in a money laundering investigation related to an alleged fraud within the Pradhan Mantri Awas Yojana (PMAY).
According to a statement released by the agency, the chargesheet was submitted to a special Prevention of Money Laundering Act (PMLA) court at Patiala House courts. The accused, including Swaraj Singh Yadav, the promoter of Ocean Seven Buildtech Pvt Ltd (OSBPL), have been named in the chargesheet under various sections of the anti-money laundering law.
Recently, the ED had seized assets worth over Rs 50 crore, including a villa, a hotel, a resort, land parcels, and deposits belonging to Swaraj Singh Yadav and his associated entities.
Describing Yadav as a crucial decision-maker within the realty company, the ED stated that he played a central role in executing a fraudulent scheme by diverting funds collected from homebuyers intended for the construction of affordable houses under the PMAY in Gurugram.
Yadav was taken into custody by the ED in November as part of the investigation and is currently in judicial custody.
The ED’s detailed financial investigation revealed a systematic misuse of funds collected from numerous homebuyers who had invested in affordable housing projects. Instead of being used for construction purposes, the funds were diverted for unrelated activities, leaving the projects incomplete and causing financial loss and uncertainty to the homebuyers.
The money laundering investigation against OSBPL and Yadav was initiated following FIRs filed by the Delhi and Haryana police for duping homebuyers through arbitrary cancellations and re-allotments in affordable housing projects.
The ED also highlighted Yadav’s attempts to liquidate domestic assets and relocate abroad, mentioning that his wife had moved to the US in 2025.
Furthermore, the diverted funds were allegedly laundered through various entities, including KTP Infratech Pvt. Ltd., for personal expenses, luxury expenditures, and property acquisitions.
Overall, the ED accused Yadav of abusing the trust of homebuyers by diverting funds and utilizing them for personal gain, reflecting a calculated breach of trust.
