Shimla/New Delhi:
The Enforcement Directorate (ED) has provisionally attached movable and immovable assets worth ₹51.57 crore, including properties located in Himachal Pradesh, in a major money-laundering investigation linked to alleged cheating of homebuyers by M/s Ocean Seven Buildtech Private Limited (OSBPL).
According to ED officials, the attached immovable assets—valued at ₹49.79 crore—include a villa, a hotel and resort, office spaces and multiple land parcels spread across Gurugram, Himachal Pradesh and Maharashtra.
The agency has also attached movable assets worth ₹1.78 crore, comprising seized cash and bank balances held in the accounts of Swaraj Singh Yadav, OSBPL and its associated entities.
Himachal angle: resort, land parcels under ED scanner
The inclusion of a hotel and resort property in Himachal Pradesh has drawn attention, as investigators say proceeds allegedly siphoned off from homebuyers’ funds were invested in high-value real estate and hospitality assets outside the original project locations.
ED officials indicated that the Himachal properties were acquired using diverted project funds, reflecting how money collected for affordable housing was allegedly laundered into premium assets.
Homebuyers’ savings allegedly misused
The attachment has been made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, following a detailed financial probe. The ED claims that OSBPL collected substantial sums from a large number of homebuyers for affordable housing projects, but instead of utilising the money for construction, the projects were left incomplete.
Investigators allege that allotments were arbitrarily cancelled, possession was never handed over, and buyers were left in prolonged uncertainty and financial distress. Meanwhile, the funds meant exclusively for project development were allegedly diverted for unrelated purposes.
FIRs by Delhi and Haryana Police
The ED initiated its probe on the basis of multiple FIRs registered by the Economic Offences Wing (EOW), Delhi Police, and Haryana Police.
These FIRs include charges of cheating, criminal breach of trust, forgery and criminal conspiracy in relation to OSBPL’s housing projects.
As per the agency, despite collecting money on assurances of timely construction and lawful delivery, the company failed to complete the projects. Genuine allottees were allegedly deprived of their units through illegal cancellations and re-allotments, causing heavy financial losses.
Promoter accused of orchestrating fund diversion
The ED has named Swaraj Singh Yadav, promoter and key decision-maker of OSBPL, as the central figure in the alleged scam.
The agency claims he deliberately diverted funds collected from homebuyers instead of using them for construction.
The investigation has revealed that project-specific escrow funds were routed through free accounts and related entities, bypassing statutory safeguards. The same housing units were allegedly resold multiple times at inflated prices, generating huge illicit proceeds.
Parking slots, cancelled units allegedly sold at inflated rates
ED officials further allege that parking spaces and cancelled flats were monetised at rates far exceeding permissible limits.
Forged and fabricated documents were allegedly used to justify illegal cancellations, enabling repeated resale of the same units.
The diverted money was then layered and laundered, and used for personal expenses, acquisition of properties—including those in Himachal Pradesh—and other business ventures, indicating what the agency describes as a “calculated abuse of trust” by the promoter.
Probe continues
The ED has clarified that the attachment is provisional and that further investigation is underway to trace additional proceeds of crime and identify other beneficiaries involved in the alleged money-laundering network.
