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Ocean Seven Buildtech MD Remanded to 14 Days of ED Custody in PMAY Laundering Case

Prosecutors say buyer funds were siphoned via cancelled resales, cash premiums, plus escrow misuse.

Overview

  • A Delhi court granted the Enforcement Directorate custody of Swaraj Singh Yadav until November 28 after his early‑morning production before the Patiala House court.
  • ED searches at nine locations in DelhiNCR and other places recovered Rs 86 lakh in cash along with incriminating documents and digital evidence.
  • Investigators allege a dual‑payment scheme in the resale of PMAY flats and parking spaces, with nominal bank transfers and substantial cash premiums collected off the books.
  • The agency claims Rs 222 crore was diverted into personal assets and routed through associated and shell entities, with cash concealed with relatives and assets rapidly liquidated across multiple states.
  • The court cited heightened flight‑risk concerns, noting family residence in the United States, as the ED pursues tracing, freezing and attachment of assets tied to complaints from thousands of homebuyers in Mumbai, Jaipur and Gurugram.