New Delhi, Jan 9 (NationPress) The Enforcement Directorate (ED) has submitted a chargesheet in a Special Court (PMLA) in Delhi against the promoter of Ocean Seven Buildtech for allegedly deceiving applicants under the Pradhan Mantri Awas Yojana (PMAY) and laundering more than Rs 69 crore collected from individuals looking for affordable housing in Gurugram, an official revealed on Friday.

The ED lodged the Prosecution Complaint (PC) on Friday at the Special Court (PMLA), Patiala House Courts, New Delhi, against Swaraj Singh Yadav, the promoter of Ocean Seven Buildtech Pvt Ltd, along with associated entities for engaging in money laundering as per the Prevention of Money Laundering Act (PMLA), 2002.

Previously, the ED had seized the company’s assets, which included a villa, hotel and resort properties, office spaces, land parcels, and bank accounts located in Gurugram, Himachal Pradesh, and Maharashtra.

The investigation disclosed the accused's attempts to liquidate domestic assets and flee abroad, presenting a significant flight risk, which led to the issuance of a Look Out Circular. Swaraj Singh Yadav was apprehended on November 13 and is currently in judicial custody, according to the ED.

The Prosecution Complaint stems from numerous FIRs filed by the Economic Offences Wing of the Delhi Police and Haryana Police concerning extensive cheating, criminal breach of trust, forgery, and financial fraud against homebuyers and investors in affordable housing initiatives under the PMAY in Gurugram, according to an ED statement.

The complaints that laid the foundation for the FIRs reveal that homebuyers and investors invested their life savings in hopes of owning a home under the Affordable Housing Scheme, trusting the promises of lawful allotment and timely delivery.

However, despite significant funds being collected for the project, not a single home has been delivered to date, leaving many families in ongoing uncertainty and financial distress.

The ED’s investigation under PMLA has unveiled a meticulously planned scheme where the funds amassed from homebuyers for construction were systematically diverted and misappropriated for personal gain, including the acquisition of movable and immovable properties, the statement indicated.

Instead of constructing homes, the funds entrusted by hundreds of families were misused, routed through a network of shell companies, and converted into luxury assets, the ED reported.

Legitimate allotments were unlawfully canceled, and the same residential units were subsequently resold at inflated prices, with a part of the payment being accepted in cash beyond the legally permitted amount, it noted.

Forged and fabricated documents were utilized to falsely depict homebuyers as defaulters, justifying illegal cancellations. The investigation conducted by the ED under PMLA has revealed that an organized financial crime transpired, resulting in the generation of Proceeds of Crime totaling Rs 69.02 crore, a figure that may escalate as the investigation progresses.

The diverted funds were laundered by routing them through various entities, including KTP Infratech Pvt Ltd, and were used for acquiring immovable properties, luxury expenditures, and personal investments, the ED stated.

During the investigation, search and seizure operations were executed at several locations in Delhi and Gurugram on November 13, 2025, which resulted in the recovery of incriminating documents, digital devices, and cash amounting to Rs 86 lakh, the ED reported.

Movable and immovable properties valued at Rs 51.57 crore were provisionally attached on January 5, 2026, via Provisional Attachment Order No. 01/2026, according to the ED.