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The Enforcement Directorate (ED) has provisionally attached assets worth over INR 50 crore in connection with a money-laundering probe tied to an alleged homebuyers fraud involving Ocean Seven Buildtech Pvt Ltd (OSBPL), a Gurugram-based realty firm. The move comes after detailed financial investigations revealed that funds collected from homebuyers for residential projects were diverted for unrelated purposes, including personal expenses and acquisition of other properties. Key assets attached include a villa, a hotel, a resort, several office spaces, and multiple land parcels across Gurugram, Himachal Pradesh and Maharashtra, with total seized value at around INR 51.57 crore. The ED also seized cash and bank deposits linked to the company and its promoter, who was arrested last year in connection with the probe. The action reflects intensified regulatory scrutiny to protect buyer interests and enforce financial accountability in real estate.
The Enforcement Directorate (ED) has taken significant enforcement action in a homebuyers fraud and money-laundering case involving Ocean Seven Buildtech Pvt Ltd (OSBPL), a real estate company based in Gurugram. As part of its investigation under the Prevention of Money Laundering Act, the agency has provisionally attached a range of movable and immovable assets valued at over INR 50 crore, including high-value properties and financial deposits linked to the developer and its key promoter. Advertisement
Among the attached assets are a villa, a hotel and a resort, as well as several office spaces and land parcels located across Gurugram (Haryana), Himachal Pradesh and Maharashtra. The cumulative valuation of these assets stands at approximately INR 49.79 crore, with additional cash and bank deposits of around INR 1.78 crore also seized from accounts held by the company, its promoter and related entities. This brings the total attached value to roughly INR 51.57 crore.
The action follows a detailed financial probe by the central agency, which found that funds collected from a large number of homebuyers often earmarked for the construction of affordable housing units were misused. Instead of being deployed for project delivery, the money was allegedly diverted for personal uses, acquisition of unrelated properties and other ventures that had no direct link to the housing projects, thereby breaching the trust of investors and violating regulatory norms.
The case also involves allegations that the same housing units were repeatedly resold at inflated prices, generating illegitimate proceeds. Parking spaces and cancelled units were reportedly monetised at rates far above permissible limits, and forged documents were used to justify illegal cancellations and re-allotments in some cases.
The ED's investigation stems from FIRs filed by the Delhi and Haryana police, alleging that OSBPL arbitrarily cancelled homebuyer allotments and failed to deliver promised units while retaining and misusing the funds. The company's promoter, Swaraj Singh Yadav, was arrested by the ED last November as part of the probe.
Provisional attachment of assets is a key enforcement tool under anti-money-laundering law, aimed at preventing dissipation of proceeds of crime, and is often followed by further action based on ongoing investigation outcomes. This development underscores regulatory agencies continued focus on protecting homebuyers and ensuring greater accountability in real estate financial flows.
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