The Enforcement Directorate (ED) is set to chargesheet Gurugram-based Ocean Seven Buildtech Pvt. Ltd. and its promoters in a massive ₹222 crore money laundering case linked to the Pradhan Mantri Awas Yojna (PMAY) fraud. Swaraj Singh Yadav, the MD and key person of the company, was arrested on November 13 and remains in judicial custody. The ED accused Mr. Yadav of diverting and laundering homebuyers' funds collected under PMAY through the cancellation and resale of flats at inflated prices. He also allegedly took large cash premiums and diverted escrow proceeds to shell companies. “A similar cash-driven mechanism was followed in the sale of parking areas, where only a nominal amount was routed through the company's bank,” said the ED. The agency found one flat allotted under PMAY at ₹26.5 lakh was cancelled citing non-payment, then resold at ₹40-50 lakh, without refunding the earlier payment. This led to dual proceeds from the same unit. The ED also revealed that Mr. Yadav transferred huge sums to the US via hawala through a bank account opened in his wife’s name. Mrs. Sunita Swaraj, Yadav’s wife, has reportedly relocated to the US and is residing at Harvard University, while their children study in Connecticut. The ED pointed to “accelerated liquidation” of assets by Mr. Yadav in Gurugram, Maharashtra, and Rajasthan to evade legal action. The ED is currently valuing assets of the company and promoters to potentially attach them under anti-money laundering laws and compensate defrauded homebuyers. A chargesheet against Mr. Yadav and linked entities is expected soon. During remand hearings, Mr. Yadav's legal team claimed that most FIRs used by the ED were settled. However, the court dismissed his plea to quash the arrest and granted 14 days of ED custody before he was sent to judicial custody. The PMAY scheme aims to provide affordable housing to economically weaker sections of society. The ED’s investigation sheds light on alleged misuse of this flagship government housing plan by unscrupulous builders.