ED Cracks Down on OSBPL's Fraudulent Real Estate Schemes

The Enforcement Directorate has attached assets worth over Rs 51.57 crore related to money laundering by Gurugram-based realty firm Ocean Seven Buildtech Pvt Ltd. Promoter Swaraj Singh Yadav allegedly diverted funds intended for homebuyer projects to personal ventures, leaving projects incomplete and homebuyers defrauded.

The Enforcement Directorate has seized assets valued at over Rs 51.57 crore linked to a money laundering case involving Gurugram-based realty firm Ocean Seven Buildtech Pvt Ltd. The firm and its promoter, Swaraj Singh Yadav, allegedly defrauded homebuyers by diverting funds meant for affordable housing projects.

According to the ED, Yadav orchestrated a scheme that involved the systematic misuse of homebuyers' funds, leading to project delays and financial losses for the investors. Instead of using the money for construction, the funds were allegedly diverted to unrelated ventures and personal expenses.

The ED's investigation, stemming from FIRs filed by the Delhi and Haryana police, found that OSBPL resold the same housing units at inflated prices and forged documents to justify illegal cancellations. Yadav's wife relocated to the US and is reportedly residing at Harvard University, adding a layer of complexity to the ongoing investigation.

(With inputs from agencies.)