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The Enforcement Directorate has carried out fresh searches at premises linked to Raheja Developers in Delhi-NCR as part of an ongoing money laundering investigation tied to alleged fraud involving homebuyers. The action covers around seven locations and relates to claims of non-delivery of flats in the Raheja Revanta project. The agency had previously conducted searches in the same matter in the past year. The developer has denied any wrongdoing, stating that funds have not been diverted and attributing project delays to lack of supporting government infrastructure. The case highlights continued regulatory scrutiny of delayed housing projects and developer accountability in the NCR market.
The Enforcement Directorate (ED) has conducted fresh searches at multiple premises linked to Raheja Developers in Delhi-NCR as part of an ongoing money laundering investigation related to alleged fraud involving homebuyers, officials said in the past week. Advertisement
The searches covered around seven locations across the region and are linked to allegations of non-delivery of residential units in the company’s Raheja Revanta project. The action follows earlier searches conducted by the agency in June in connection with the same investigation involving the company, its promoters and associated entities.
According to officials, the probe centres on complaints from homebuyers regarding delays and alleged financial irregularities in the execution of the project. The Raheja Revanta development, located in Gurugram, includes high-rise residential towers and has faced delays in delivery.
Raheja Developers, in response to the enforcement action, denied allegations of fraud or wrongdoing in the project. The company stated that it had invested amounts exceeding customer collections, a position it said was supported by a forensic audit conducted under the supervision of the Real Estate Regulatory Authority (RERA). It further asserted that no diversion of funds had taken place.
The developer attributed delays in project completion to the absence of essential external infrastructure, including water supply, electricity, sewerage systems and firefighting provisions. It stated that despite making full payments towards external development charges (EDC) and infrastructure development charges (IDC), the required government infrastructure has not been made available.
The company added that possession in the 61-storey structure cannot be handed over safely without these critical services being in place, indicating that project completion is dependent on external infrastructure readiness.
Raheja Developers has a presence in the Delhi-NCR region, particularly in Gurugram, with multiple residential projects under development. Some of its projects have experienced delays, attributed in part to financial constraints and execution challenges.
The investigation reflects continued regulatory and enforcement focus on stalled housing projects and developer compliance, particularly in cases involving delays in delivery and concerns raised by homebuyers.
Source - PTI
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