NEW DELHI: The Enforcement Directorate (ED) has arrested Ocean Seven Buildtech Pvt. Ltd. (OSBPL) Managing Director Swaraj Singh Yadav after conducting searches at nine locations across Delhi-NCR and other regions in a money-laundering probe under the Prevention of Money Laundering Act (PMLA), 2002, an agency statement said on Saturday.
The action stems from allegations that Yadav diverted and laundered funds collected from homebuyers across multiple projects, including those under the Pradhan Mantri Awas Yojana (PMAY).
The searches on Thursday led to the recovery of Rs 86 lakh in cash, suspected to be proceeds of crime, along with incriminating documents and digital evidence.
According to the ED, Yadav orchestrated a large-scale diversion of homebuyer funds through fraudulent cancellation and resale of units at inflated prices, cash-based premiums collected outside banking channels, and misuse of escrow accounts.