New Delhi, Nov 15 The Enforcement Directorate (ED) has arrested Ocean Seven Buildtech Pvt. Ltd. (OSBPL) Managing Director Swaraj Singh Yadav after conducting searches at nine locations across Delhi-NCR and other regions in a money-laundering probe under the Prevention of Money Laundering Act (PMLA), 2002, an agency statement said on Saturday.
The action stems from allegations that Yadav diverted and laundered funds collected from homebuyers across multiple projects, including those under the Pradhan Mantri Awas Yojana (PMAY).
The searches on Thursday led to the recovery of Rs 86 lakh in cash, suspected to be proceeds of crime, along with incriminating documents and digital evidence.
According to the ED, Yadav orchestrated a large-scale diversion of homebuyer funds through fraudulent cancellation and resale of units at inflated prices, cash-based premiums collected outside banking channels, and misuse of escrow accounts.
He allegedly routed substantial sums into shell entities and concealed cash proceeds with relatives, the ED statement said.
Investigators also found a pattern of rapid liquidation of assets held personally and through company entities in Gurugram, Maharashtra, and Rajasthan, which the agency believes was intended to secure illicit gains and evade legal scrutiny.
His wife and children have already relocated to the United States, the probe revealed.
The agency said Yadav operated a dual-payment mechanism in the resale of PMAY flats and even in the sale of parking spaces -- routing only nominal amounts through banks while collecting the bulk in cash. These activities form part of a wider probe linked to multiple FIRs alleging cheating, forgery, and other predicate offences.
Following his arrest, Yadav was produced before the Court of ASJ-06 at Patiala House Courts on Friday, in compliance with Supreme Court directions.
After detailed submissions from both sides and a pass-over granted to allow him legal assistance, the court sent him to ED custody for 14 days, until November 28.
The agency has been directed to produce him before the court at 2 p.m. on the date of expiry of remand.
The ED said it is pursuing further investigation to trace, freeze, and attach assets acquired from the laundered funds, to ensure recovery and restitution to affected homebuyers.
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