The Enforcement Directorate will soon file a chargesheet against a Gurgaon-based real estate company and its promoters in a multi-crore money-laundering investigation linked to alleged irregularities in the Pradhan Mantri Awas Yojana (PMAY) and fraud with homebuyers, agency sources said on Sunday.

Swaraj Singh Yadav, the managing director and “key person” of the company named Ocean Seven Buildtech Pvt Ltd (OSBPL), was arrested by the central agency on November 13 and is currently in judicial custody.

The ED has alleged that Yadav “fraudulently diverted” and laundered homebuyers’ funds worth ₹222 crore collected under the PMAY through cancellation and resale of units at inflated prices, collection of substantial cash premiums, and diversion of proceeds into shell (dummy) entities.

The PMAY aims to provide housing to the economically weaker sections.

The agency, sources said, is trying to determine the valuation of the assets of the company and its promoters so that they can be attached under the anti-money laundering law and later restituted to the victims of the alleged fraud.

There was no immediate response from the company on the allegations made by
the ED.

The agency had claimed to have found a “pattern of accelerated liquidation” of personal and company-held assets by Yadav across Gurgaon, Maharashtra and Rajasthan to convert “illicit” gains into easily disposable forms.

Earlier, the ED told a court and in a public statement that Yadav’s wife Sunita Swaraj “relocated” to the US in August and was found residing at Harvard University in Boston, while his children (a son and a daughter) were studying at the Trinity College in Connecticut.

“...Such accelerated sales indicate a clear attempt to dissipate assets and evade legal action,” the ED alleged.

The agency also found that Yadav transferred a “huge” amount to the US via a bank account opened in his wife’s name through hawala transactions.