New Delhi [India], January 6 (ANI): The Enforcement Directorate (ED) on Tuesday announced the attachment of movable and immovable properties worth Rs 51.57 crore in connection with a money laundering case involving Ocean Seven Buildtech Pvt Ltd (OSBPL).
According to the ED, the properties were attached under the Prevention of Money Laundering Act (PMLA), 2002, following a detailed financial probe that revealed the systematic misuse of funds collected from numerous homebuyers who had invested in OSBPL’s affordable housing projects.
“Instead of being utilised for construction and delivery of the promised units, the projects remained incomplete, allotments were cancelled arbitrarily, and homebuyers faced prolonged uncertainty and financial loss, while funds were diverted for purposes unrelated to the housing projects,” the agency said.
The attached assets include immovable properties worth Rs 49.79 crore, comprising a villa, a hotel and resort, office spaces, and multiple land parcels in Gurugram, Himachal Pradesh, and Maharashtra. Movable assets valued at Rs 1.78 crore consist of cash and bank balances held in accounts of Swaraj Singh Yadav, OSBPL, and its related entities.
The ED’s probe, based on FIRs filed by the Economic Offences Wing of Delhi Police and Haryana Police, revealed alleged offences including cheating, criminal breach of trust, forgery, and criminal conspiracy. Despite collecting substantial funds from homebuyers on assurances of timely construction and delivery, OSBPL failed to complete projects, unlawfully cancelled allotments, and caused significant financial loss.
Investigations found that Swaraj Singh Yadav, promoter of OSBPL, orchestrated the scheme. Funds intended for construction were diverted for personal expenses, acquisition of properties, and other ventures. Project-specific escrow funds were manipulated, housing units were resold at inflated rates, and forged documents were used to justify illegal cancellations, generating substantial illicit proceeds, the ED said.
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