ED Attaches ₹51.57 Crore Assets of Ocean Seven Buildtech in Home-buyer Fraud Case
Moneylife Digital Team 07 January 2026
The directorate of enforcement (ED) has provisionally attached movable and immovable assets worth ₹51.57 crore in connection with an alleged affordable housing fraud involving Ocean Seven Buildtech Pvt Ltd (OSBPL).
 
The attached immovable assets, valued at ₹49.79 crore, include a villa, a hotel and resort, office spaces and multiple parcels of land located in Gurugram, Himachal Pradesh and Maharashtra. The movable assets, amounting to ₹1.78 crore, comprise seized cash and bank balances held in accounts linked to Swaraj Singh Yadav, Ocean Seven Buildtech and its related entities.
 
According to ED, the attachment has been carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, following a detailed financial investigation that uncovered large-scale misuse of funds collected from home-buyers. The funds were raised for affordable housing projects but were allegedly diverted for purposes unrelated to construction, leaving projects incomplete and buyers facing prolonged uncertainty and financial loss.
 
ED says it initiated the probe based on multiple first information reports (FIRs) registered by the economic offences wing (EOW) of Delhi police and Haryana police for offences including cheating, criminal breach of trust, forgery and criminal conspiracy. These cases relate to affordable housing projects launched by OSBPL, where substantial sums were collected from home-buyers on assurances of timely construction and lawful delivery of residential units.
 
Despite receiving funds, the projects remained incomplete and possession was not handed over, the agency says. In several cases, genuine allottees were allegedly deprived of their units through arbitrary cancellations and re-allotments, resulting in significant financial loss and hardship.
 
The investigation has identified Mr Yadav, promoter and key decision-maker of OSBPL, as playing a central role in the alleged scheme. ED says funds collected from home-buyers for construction were deliberately diverted instead of being utilised for the intended projects.
 
According to the agency, project-specific escrow funds were circulated through so-called free accounts and related entities under Mr Yadav’s directions, bypassing statutory safeguards. The same housing units were allegedly resold multiple times at inflated prices, generating substantial illicit proceeds. Parking spaces and cancelled units were monetised at rates far above permissible limits, while forged and fabricated documents were used to justify illegal cancellations.
 
The diverted funds were further layered and allegedly used for personal expenses, acquisition of properties and other ventures, reflecting a calculated abuse of trust reposed by homebuyers, ED says.
 
Comments
Free Helpline
Legal Credit
Feedback