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The Enforcement Directorate has attached assets worth INR 51.57 crore linked to Gurugram-based Ocean Seven Buildtech Pvt Ltd as part of a money laundering investigation tied to alleged homebuyers fraud. The action covers immovable properties across multiple states and liquid funds held by the company, its promoter and related entities. The probe stems from police cases alleging diversion of buyers money, repeated resale of housing units and misuse of funds collected for affordable housing projects. The case adds to ongoing scrutiny of fund handling practices in residential real estate.
The Enforcement Directorate (ED) has attached assets valued at INR 51.57 crore belonging to Ocean Seven Buildtech Pvt Ltd (OSBPL), a real estate company based in Gurugram, under provisions of the Prevention of Money Laundering Act. The attachment includes immovable properties worth about INR 49.79 crore and cash and bank deposits amounting to INR 1.78 crore. Advertisement
The seized properties comprise a villa, a hotel, a resort, office spaces and land parcels located in Gurugram in Haryana, parts of Himachal Pradesh and Maharashtra. According to the ED, these assets are linked to proceeds of crime generated through alleged fraudulent activities involving homebuyers.
The investigation originates from multiple FIRs registered by the Delhi and Haryana police. These cases accused the company and its promoter, Swaraj Singh Yadav, of collecting money from buyers for affordable housing projects and then diverting the funds for purposes unrelated to construction. The probe found that several projects remained incomplete while buyers faced cancellations, delays and financial losses.
The ED alleged that housing units were cancelled and re-allotted multiple times at higher prices, generating unlawful gains. Parking spaces and cancelled flats were also allegedly sold at inflated rates, in some cases supported by forged or misleading documents. Funds raised from these activities were reportedly layered through personal accounts and other entities.
During court proceedings related to the promoter's remand, the agency informed that Yadav's wife had moved to the United States and was residing at Harvard University in Boston. The ED has stated that diverted funds were used for personal expenses and investments, rather than for completing committed housing projects.
Earlier in the investigation, the promoter had been arrested, signalling a widening probe into the company's financial practices and treatment of homebuyers funds. The attachment of assets is aimed at securing the alleged proceeds of crime while the case continues.
Source PTI
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