<h1>Realty developer held under PMLA for Rs 300 crore housing scam, alleged fund diversion and IBC violation</h1> The Enforcement Directorate arrested a real estate businessman under the Prevention of Money Laundering Act in connection with an alleged Gurugram realty fraud involving non-delivery of flats in a large housing project. A special court granted six days of ED custody. The agency alleges fraudulent acquisition of licence, collection of funds from homebuyers before regulatory approval, generation of about Rs 300 crore in proceeds of crime, diversion of homebuyers' funds and public sector bank loans, and alienation of licensed land during insolvency proceedings in violation of the IBC. The accused is also chargesheeted in related cases involving alleged large-scale cheating of homebuyers.