Gurugram: The Enforcement Directorate (ED) is set to file a chargesheet against Ocean Seven Buildtech (OSBPL), a real estate company based in Gurugram, and its promoters. The case is linked to alleged fraud under the Pradhan Mantri Awas Yojana (PMAY)-a government housing scheme meant to help low-income families buy affordable homes. Officials say the company’s actions went against the basic aim of the scheme.
How the Alleged Cancellation–Resale Scam Worked
According to ED investigators, OSBPL’s managing director Swaraj Singh Yadav-arrested on November 13-ran a system in which flats allotted under PMAY were cancelled on false reasons. These cancelled flats were then resold at much higher prices.
A flat costing Rs 26.5 lakh under PMAY was allegedly sold again for Rs 40–50 lakh.
The first buyers reportedly never got their money back, allowing the company to earn double profits on the same flat.
The ED claims that this method allowed the promoter to earn lakhs of rupees extra on every resale, often through unrecorded cash deals.
Cash Premiums, Fake Companies and Money Diversion
The agency says Yadav collected Rs 222 crore through inflated resales, cash premiums, and misuse of homebuyers’ money. Funds that were supposed to stay in escrow accounts for construction were allegedly moved into shell companies.
A similar cash-based method was used in the sale of parking spaces, where only small amounts were shown in official accounts while large cash sums were allegedly taken off the record.
Asset Sales and Funds Sent Abroad
Investigators also found a pattern of quickly selling off personal and company assets in Gurugram, Maharashtra, and Rajasthan. They believe this was done to hide assets before enforcement action.
ED officials told the court that Yadav’s wife moved to the United States in 2025, and money was allegedly transferred abroad using hawala routes through a bank account in her name.
Legal Case Progresses
Yadav’s lawyers argued that many FIRs in the case were already “settled”, but the court rejected this. On November 14, ED received 14 days of custody; Yadav is now in judicial custody.
The agency is also valuing OSBPL assets for attachment under PMLA, so affected homebuyers may later receive compensation.
A formal chargesheet is expected soon.
