The Enforcement Directorate is preparing to file a chargesheet against a Gurugram real estate company and its promoters over alleged large scale fraud linked to the Pradhan Mantri Awas Yojna, official sources said on Sunday.
The probe centres on Ocean Seven Buildtech Pvt Ltd and its managing director Swaraj Singh Yadav, who investigators describe as the “key person” in the operation. Yadav was arrested on 13 November and remains in judicial custody.
According to the Enforcement Directorate, the company collected funds under PMAY but diverted the money through a series of unlawful practices. The agency has alleged that Yadav “fraudulently diverted” and laundered about Rs 222 crore that came from homebuyers. The methods cited include the cancellation and re sale of housing units at higher prices, the collection of large cash premiums, and the diversion of Escrow account money into what officials described as dummy entities.
Investigators say these actions not only violated financial regulations but also caused significant losses to homebuyers who had invested in affordable housing schemes. The agency is now finalising its prosecution complaint, which will detail the alleged laundering trail and the role of those involved.
Once filed, the chargesheet will move the case into its next stage, allowing the court to examine the evidence gathered during the inquiry. The agency maintains that the misuse of PMAY funds represents a serious breach of trust in a scheme meant to support lower income families seeking housing.
