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A Delhi court has placed Swaraj Singh Yadav, director of Ocean Seven Buildtech Pvt Ltd, in 14-day Enforcement Directorate (ED) custody in connection with an alleged money-laundering case linked to the Pradhan Mantri Awas Yojana (PMAY). The ED has accused him of cancelling PMAY-allotted flats priced at about INR 26.5 lakh and reselling them for around INR 40-50 lakh each. Investigators claim nearly INR 222 crore was diverted through associated firms and personal purchases. The court agreed that custodial interrogation was needed to trace funds, understand the money trail and identify other involved individuals.
A Delhi court has ordered 14 days of Enforcement Directorate custody for Swaraj Singh Yadav, director of Ocean Seven Buildtech Pvt Ltd, after he was produced before the Additional Sessions Judge in connection with a money-laundering case related to the Pradhan Mantri Awas Yojana (PMAY). The development follows his recent arrest, with the ED stating that the investigation concerns large-scale irregularities in allotments under the scheme. Advertisement
The PMAY (Urban) programme, introduced in 2015 to support eligible urban households with affordable housing, forms the base of this investigation. According to the ED, Yadav cancelled flats that were initially allotted under PMAY at around INR 26.5 lakh and resold them for higher market prices, often between INR 40 lakh and INR 50 lakh. The agency has said that this practice affected a large number of homebuyers, including those in cities such as Mumbai, Jaipur and Gurugram.
The ED further claimed that funds were withdrawn from the company's escrow account and diverted through associated entities. Investigators estimate that nearly INR 222 crore was rerouted for personal asset acquisitions, including real estate. The agency also informed the court that Yadav's family members were staying abroad, which increased the concern that he might attempt to avoid the investigation if not placed in custody.
The court accepted the ED's request, stating that custodial interrogation was needed to map the movement of funds, verify the involvement of linked entities and individuals, and recover any additional proceeds of crime. The custody has been granted until the end of the current 14-day period, allowing the agency more time to pursue the money trail and examine the financial records connected to the alleged fraud.
Source: PTI
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