Advertisement
Private equity has played a significant role in shaping Indi...
In today’s real estate landscape, fitness is often treated...
In this episode of Prop Personalities, we sit down with Hars...
Luxury real estate is one of the most talked-about segments ...
Welcome to Prop Personalities by Prop News Time - a podcast ...
The Enforcement Directorate has provisionally attached assets valued at over INR 1,100 crore belonging to Raheja Developers, its promoters, and related entities in connection with a money-laundering investigation linked to alleged fraud against homebuyers. The action follows recent searches and stems from multiple FIRs filed by the Economic Offences Wing. The agency has alleged diversion of funds collected from over 4,600 buyers across residential projects. Raheja Developers has denied the allegations, citing a RERA-supervised forensic audit and attributing project delays to infrastructure gaps in Gurugram.
The Enforcement Directorate (ED) has provisionally attached immovable assets worth approximately INR 1,113.81 crore belonging to Raheja Developers, its chairman and managing director Navin M Raheja, and associated entities, in connection with an ongoing money-laundering investigation linked to alleged fraud involving homebuyers. Advertisement
The action, announced in the past week, was taken under the Prevention of Money Laundering Act (PMLA) and follows searches conducted on April 25 across premises linked to the company and its promoters. During the searches, the agency seized bullion valued at INR 15.82 crore along with foreign currency equivalent to around INR 15 lakh.
According to the ED, the attached assets include properties held by entities such as N A Buildwell and Riyasat Palaces, which are stated to be associated with Raheja Developers. Properties owned by Navin M Raheja and his family members have also been included in the attachment order.
The investigation originates from multiple first information reports filed by the Economic Offences Wing (EOW), which alleged that the company had cheated homebuyers in several residential projects. The ED stated that Raheja Developers collected approximately INR 2,425.99 crore from around 4,600 homebuyers.
The agency has alleged that a significant portion of these funds was diverted through a network of related entities and shell companies. It stated that the funds were eventually transferred to entities controlled by the company’s director, family members, and close associates, and were used for purposes not related to the underlying real estate projects, including asset acquisition and personal expenses.
Raheja Developers has denied the allegations of fraud and fund diversion. In a statement issued following the searches conducted earlier, the company maintained that it had invested amounts exceeding customer collections, citing findings from a forensic audit conducted under the supervision of the Real Estate Regulatory Authority (RERA). The company stated that no funds had been misappropriated.
Addressing delays in its Gurugram-based project ‘Raheja Revanta’, the company attributed the slowdown to the lack of essential external infrastructure, despite payment of external and internal development charges. It indicated that possession of the 61-storey structure could not be delivered without the availability of key services such as water supply, electricity, sewerage, and firefighting systems.
The ED had previously conducted searches in connection with the case in June 2025. The ongoing investigation highlights regulatory scrutiny in cases involving delayed housing projects and alleged financial irregularities, particularly where large sums have been collected from homebuyers.
Source - PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
