NEW DELHI: It was not the kind of work that’s related to state equipment. The court docket of further classes choose Shefali Barnala Tandon (of the Patiala Home courts) was convened at her residence round 3 am on Friday to remand an individual accused of cash laundering, Swaraj Singh Yadav, in ED’s custody. Yadav, who’s the promoter of Ocean Seven Buildtech Pvt Ltd, is accused of illegally promoting PM Awas Yojana flats in Gurgaon in all-cash transactions.After a daylong search, Yadav was held by the company earlier than midnight on Thursday. ED’s transfer got here in reference to the alleged laundering of greater than Rs 222 crore of funds generated from unlawful sale of residences meant for the poor beneath PM Awas Yojana. These have been bought at an inflated worth of Rs 40-50 lakh every to new patrons by dishonest the unique allottees whose allotment was cancelled, with not even their deposits being refunded. The unique value of a flat was Rs 26.5 lakh.
Realtor working ‘nationwide laundering rip-off’, says ED Utilizing these funds, ED mentioned, the accused acquired private belongings, together with 500 acres at Ware village in Maharashtra, 100 acres on Pune-Alibag Street, Sai Rupa Resorts in Tirthan Valley in Himachal Pradesh and land in Boston (US), moreover monetary belongings within the UK.“The seek for the arrestee began at 6.55 am, and he must be produced earlier than the court docket inside 24 hours of the search, as per the rules of Supreme Court docket and varied excessive courts,” the ED submitted earlier than the choose whereas producing the accused “at this odd hour” at her residence. The authorized counsel of the accused was nonetheless on his approach when the court docket started its proceedings at 3.05 am, and by the point the hearings from each the edges concluded, it was 6.30 am. The choose remanded the accused in ED’s custody until Nov 28, when he’s to be produced once more. Not taking an opportunity, the choose particularly instructed that the accused be introduced earlier than the court docket at 2 pm on that day.The ED accused Yadav of committing “a nationwide cash laundering rip-off since 2006, duping 1000’s of patrons in Mumbai, Jaipur, Kotputli and Gurugram”. As per FIRs registered towards him with the Delhi police, an estimated Rs 222 crore of homebuyers’ cash was siphoned by the accused after layering them via a associated “in-house development company”.“The concerted and accelerated liquidation of each private and company-held belongings by arrestee Swaraj Singh Yadav within the current previous strongly signifies his intent to eliminate the proceeds of crime and escape motion beneath provisions of legislation. The investigation information verify the pressing disposal of belongings and liquidation of funds in anticipation of authorized motion. He had already bought a flat in Jalvayu Vihar in Gurugram, 40 acres of land in Borgaon, Maharashtra, and 15 acres in Jaipur,” the ED mentioned.“This coincides along with his spouse Sunita Swaraj relocating to the US in Aug 2025,” the company added and dropped at the discover of the court docket the truth that the accused had transferred big quantities to the US through a checking account of his spouse’s in Financial institution of Baroda. Together with his kids pursuing commencement from Trinity School, Connecticut, US, there’s each chance of his fleeing from justice, the company mentioned.