Overview
- The Enforcement Directorate is preparing a chargesheet against Ocean Seven Buildtech and managing director Swaraj Singh Yadav in a money-laundering probe linked to the PMAY affordable-housing scheme, according to official sources.
- Investigators allege a cancellation–resale cycle in which PMAY allotments were voided on false pretexts, the same units were resold at ₹40–50 lakh versus a ₹26.5 lakh price, and earlier payments were not refunded.
- The ED says off‑books cash premiums were collected on resales and parking spaces and escrow funds were diverted into shell companies outside official banking channels.
- The agency is valuing company and promoter assets for potential attachment under the PMLA to facilitate restitution, and it has flagged accelerated liquidation of holdings across Gurugram, Maharashtra and Rajasthan.
- Yadav was arrested on November 13, remains in judicial custody, and is accused of routing funds to the United States via a bank account in his wife’s name after her relocation; the company has not responded to the allegations.