The Enforcement Directorate (ED) swept up the chief of Ocean Seven Buildtech Pvt. Ltd., Swaraj Singh Yadav, on Saturday after a day‑long raid across nine sites in Delhi‑NCR and beyond. The arrest came as part of a cash‑laundering investigation under India’s Prevention of Money Laundering Act (PMLA), 2002.
Yadav is accused of diverting and washing money from homebuyers who bought flats under India’s flagship housing scheme, the Pradhan Mantri Awas Yojana (PMAY). According to the ED, he ran a large‑scale fraud by offering bogus cancellations and reselling units at inflated prices. He also collected cash‑based premiums outside the banking system and misused escrow accounts to hide illicit proceeds.
During the Thursday searches the ED found 86 lakh rupees in cash—clearly proceeds of crime—plus documents and digital evidence linking Yadav to the scam. Investigators say he funneled money into shell companies, then disguised the funds with close relatives. Across Gurugram, Maharashtra and Rajasthan, the ED discovered a pattern of rapid asset sales, a maneuver aimed at securing the illicit gains and evading scrutiny.
Yadav’s family has already moved to the United States. Court papers show his wife and children left India as the probe unfolded.
The agency’s statement detailed that Yadav maintained a dual‑payment system: only a small portion of the sale price went through banks, while the bulk was collected in cash. This scheme was not limited to residential units; even parking spaces were sold in a similar knock‑off fashion.
Following his arrest, Yadav was taken to the ASJ‑06 division of Patiala House Courts, as instructed by the Supreme Court. After the court heard both sides and granted legal assistance, the judge remanded him to ED custody for 14 days, until November 28. He will have to appear again at 2 p.m. on the day the remand expires.
The ED announced it will keep probing the case, seeking to trace, freeze and attach assets derived from the laundered money. The aim is to recover funds and help affected homebuyers get restitution.
For now, the top Delhi real‑estate figure is under investigation, the court case is progressing, and the ED remains vigilant in shutting down this alleged money‑laundering ring.
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