TaxTMI 
TaxTMI 
ED to chargesheet Gurugram realty company, promoter for multi-crore 'fraud' in PMAY
X X X X Extracts X X X X
X X X X Extracts X X X X
....D to chargesheet Gurugram realty company, promoter for multi-crore 'fraud' in PMAY<BR>PMLA / Black Money<BR>Dated:- 7-12-2025<BR>PTI<BR>New Delhi, Dec 7 (PTI) The Enforcement Directorate is soon expected to chargesheet a Gurugram-based real estate company and its promoters in a multi-crore money laundering investigation linked to alleged irregularities in the Pradhan Mantri Awas Yojna (PMAY) and f....
X X X X Extracts X X X X
X X X X Extracts X X X X
....raud with homebuyers, official sources said Sunday. Swaraj Singh Yadav, the MD and "key person" of the company named Ocean Seven Buildtech Pvt. Ltd. (OSBPL), was arrested by the federal probe agency on November 13 and is currently lodged in jail under judicial custody. The ED has alleged that Yadav "fraudulently diverted" and laundered homebuyers' funds worth Rs 222 crore collected under PMAY ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....through cancellation and re-sale of units at inflated prices, collection of substantial cash premiums, and diversion of Escrow proceeds into "shell" (dummy) entities. The PMAY aims to provide housing to the economically weaker sections as part of the Union government's ambitious plan to ensure 'home for all'. The agency, sources said, is carrying out an exercise for valuation of the assets of t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he company and its promoters so that they can be possibly attached under the anti-money laundering law and later restituted to the victims of the alleged fraud. A chargesheet is also expected to be filed against Yadav and his linked entities soon, the sources said. There was no immediate response from the company on the allegations made by the ED against it and its MD. The agency had claimed....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... to have found a "pattern of accelerated liquidation" of personal and company-held assets by Yadav across Gurugram, Maharashtra and Rajasthan in the recent past to convert "illicit" gains into easily disposable form. The ED told a court and in a public statement that Yadav's wife Sunita Swaraj "relocated" to the US in August, 2025 and was found residing at Harvard University at Boston in Massach....
X X X X Extracts X X X X
X X X X Extracts X X X X
....usetts, while his children (a son and a daughter) were studying at the Trinity College in Connecticut. "...such accelerated sales indicates a clear attempt to dissipate assets and evade legal action," the ED alleged. The agency also detected an alleged modus operandi deployed by Yadav to generate illicit funds by "cancelling" allotments of flats under PMAY under "false" pretexts and reselling ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the same units at higher prices without refunding earlier payments, thereby collecting dual proceeds. Yadav, the ED said, also controlled the cash-based premium collection over and above the money received through banking channels in such resales. "A similar cash-driven mechanism was followed in the sale of parking areas, where only a nominal amount was routed through the company's bank, and t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he remaining premium was taken in cash as per his instructions. "These actions are part of a larger investigation into the misuse of escrow funds and other violations mentioned in multiple FIRs for predicate offences," as per the ED. The ED found that the price of one PMAY flat was Rs 26.5 lakh but the allotment of the eligible homebuyer was cancelled under the pretext of non-payment and subse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....quently re-sold at a price ranging from Rs 40-50 lakh. "This resale process was executed without refunding the amount paid by the previous customer, ensuing collection of dual payments against the same unit (house)," the ED found. The agency also found that Yadav transferred a "huge" amount to USA via a bank account opened in the name of his wife through "hawala" transactions Yadav's legal t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....eam told a Delhi court during his remand proceedings in November that the majority FIRs on which the ED relied to file a money laundering case against their client have been "settled". The court of Additional Sessions Judge (Patiala House courts) Shefali Barnala Tandon subsequently rejected Yadav's plea to quash his arrest and allowed ED's application for his 14 days custody on November 14. He wa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s later sent to judicial custody. PTI NES DV DV<BR> News - Press release - PIB....