The Enforcement Directorate (ED) is set to file a chargesheet against Gurugram-based Ocean Seven Buildtech (OSBPL) and its promoters in a case linked to suspected misuse of the Pradhan Mantri Awas Yojana (PMAY). Officials say the company’s actions went against the aim of the scheme, which is meant to help low-income families buy affordable homes.
PMAY was designed so that people from weaker economic backgrounds could own a stable and secure house. But investigators say the way OSBPL worked made it harder for genuine buyers to get the benefits they were promised.
How The Alleged Cancellation And Resale Plan Worked
According to the ED, OSBPL managing director Swaraj Singh Yadav, who was arrested on November 13, ran a system in which flats given under
PMAY were cancelled on “false pretexts”. These same flats were then sold again to new buyers for a much higher amount.
A unit that originally cost Rs 26.5 lakh was said to be resold for anywhere between Rs 40 lakh and Rs 50 lakh. Earlier payments made by the first set of buyers were allegedly kept by the company instead of being returned. This meant OSBPL earned money twice from the same flat.
Investigators say this pattern allowed the promoter to make several lakh rupees on each deal, especially in cases where cash was taken from the buyers during resale.
Cash Premiums And The Use of Dummy Firms
The ED has claimed that OSBPL managing director Yadav moved and cleaned around Rs 222 crore collected from buyers. This money reportedly came from inflated resale prices, unrecorded cash premiums, and the shifting of escrow funds into “shell” or fake companies.
A similar method was said to be used for parking spaces. Only a small token amount went through the company’s bank accounts, while the rest was handled in cash.
Quick Sale of Assets and Money Transfers Abroad
Investigators told the court that they noticed a “pattern of accelerated liquidation” of both personal and company assets spread across Gurugram, Maharashtra and Rajasthan. They believe this was done to hide assets and avoid future action.
They also said Yadav’s wife moved to the United States in August this year and was found staying at Harvard University in Boston, while their children studied in Connecticut. Money was allegedly sent abroad through hawala routes using a bank account in her name. The ED is now assessing the value of the group’s assets so they can be attached under the Prevention of Money Laundering Act.
Court Arguments and The Next Steps in the Case
Yadav’s lawyers told a Delhi court that most of the FIRs linked to the ED’s case had been “settled”. The court did not accept this claim and refused to cancel the arrest. The agency first got 14 days of custody on November 14, after which Yadav was sent to judicial custody. A formal chargesheet is expected soon.
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