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The Enforcement Directorate (ED) has carried out searches at multiple locations across Delhi-NCR as part of a money laundering investigation linked to alleged fraud involving homebuyers under subvention schemes. The action, conducted in the past week, covered at least five premises associated with CHD Developers Ltd., Ninex Developers Ltd. and Manju J Homes (India) Ltd. The investigation stems from three FIRs registered by the Central Bureau of Investigation (CBI) in 2025 on the directions of the Supreme Court. Investigators have alleged that developers collected housing loan funds from buyers under 'no EMI till possession' schemes but failed to hand over flats over several years, while diverting the funds to other projects and purposes in violation of the Prevention of Money Laundering Act (PMLA).
The Enforcement Directorate (ED) has conducted searches at multiple locations across Delhi-NCR in connection with a money laundering investigation into alleged fraud involving homebuyers through subvention schemes. The action was carried out in the past week under the Prevention of Money Laundering Act (PMLA) and forms part of an investigation arising from three First Information Reports (FIRs) registered by the Central Bureau of Investigation (CBI) in 2025 following directions issued by the Supreme Court.
According to officials, at least five premises linked to CHD Developers Ltd., Ninex Developers Ltd. and Manju J Homes (India) Ltd. were searched during the operation. The companies could not be contacted immediately for their response to the allegations.
The investigation centres on subvention schemes marketed by developers, under which prospective homebuyers were assured that they would not have to pay equated monthly instalments (EMIs) until possession of their homes. Based on these assurances, buyers availed housing loans to purchase flats and apartments in the respective projects.
The CBI's inquiry is stated to have found that, despite the passage of several years, possession of the promised residential units was not handed over to many buyers. Investigating agencies have alleged that the developers cheated homebuyers and investors by offering these schemes without fulfilling their commitments.
The ED stated that its money laundering probe is based on allegations that the accused generated proceeds of crime by diverting funds raised from homebuyers. According to the agency, instead of being utilised for the development of the projects for which the loans were sanctioned, the money was allegedly channelled into other projects and used for purposes unrelated to the original developments.
The agency is examining the movement of funds and the financial transactions associated with the projects as part of its investigation under the PMLA. The alleged diversion of homebuyer funds forms the basis of the money laundering case initiated by the ED after the CBI registered the predicate offences.
The searches represent the latest enforcement action in a case concerning alleged irregularities in subvention-linked housing projects in the Delhi-NCR region. The investigation remains ongoing as authorities continue to examine the role of the entities involved and trace the utilisation of funds collected from homebuyers under the disputed financing arrangements.
Source - PTI
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