The Enforcement Directorate has attached properties valued at approximately ₹503.48 crore belonging to Raheja Developers Ltd., its promoter Navin M. Raheja, and his family members as part of a money laundering probe into the alleged misuse of funds collected from homebuyers. According to the ED statement issued on Monday, the attachment was carried out under the Prevention of Money Laundering Act (PMLA), 2002, and covers several immovable properties owned by the company and the Raheja family. With this latest attachment, the total value of properties attached in this case now stands at approximately ₹1,617.29 crore, as confirmed by the ED. The ED stated it uncovered a "large-scale diversion of funds" in the case and attached the assets as part of its efforts to trace and secure the proceeds of crime. The agency had also conducted searches in April and seized bullion worth ₹15.82 crore along with foreign currency equivalent to approximately ₹15 lakh.
The ED investigation found that Raheja Developers had collected nearly ₹2,425.99 crore from around 4,600 homebuyers for multiple housing projects. As reported by the ED, the company allegedly diverted a substantial portion of these funds away from project development, raising concerns about the misuse of homebuyer funds. The probe stems from multiple First Information Reports (FIRs) registered by the Economic Offences Wing (EOW) based on complaints lodged by a large number of homebuyers regarding various residential projects launched by the company. According to the ED, thousands of buyers alleged delays, non-completion of projects and misuse of funds collected for housing developments. The complaints relate to various residential real estate projects launched by the company, with evidence showing substantial amounts collected from homebuyers were diverted and used for purposes other than the development and completion of the promised projects.
The company has categorically denied all allegations of fraud, stating "No wrongdoing has been committed against any homebuyer. In fact, Raheja Developers Ltd. has invested significantly more funds into the project than what has been collected from customers." The company added that there has been "no diversion or misuse of funds." These claims have been substantiated in a forensic audit conducted under the supervision of the Haryana Real Estate Regulatory Authority (HRERA), according to the company's statement. The company maintains that it has invested more funds into the projects than what was collected from customers, contradicting the ED's allegations of fund diversion. As per Business Standard, an attachment does not automatically establish guilt under PMLA, and the ED can provisionally attach assets that it believes are linked to proceeds of crime while investigation continues.
The money laundering investigation covers several immovable properties owned by the company and the Raheja family, as detailed in the ED statement. The agency is investigating Raheja Developers, its director Navin M Raheja, and other associated individuals and entities under PMLA. Earlier, ED had attached properties belonging to Raheja Developers, related entities, director/promoter Navin M Raheja, and his family members. Those assets had an estimated market value of ₹1,113.81 crore, as per an order dated April 28. The probe follows complaints from homebuyers across various residential projects developed by Raheja Developers, highlighting the widespread nature of the alleged fund misuse. The ED's action represents a significant enforcement measure in the ongoing investigation into the alleged diversion of homebuyer funds from legitimate project development purposes.
