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The Delhi High Court has sought the Enforcement Directorate’s (ED) response to a petition filed by Nayan Raheja, director and son of the chairman of Raheja Developers, seeking the quashing of a money laundering case registered in 2022. The case is linked to the alleged diversion of funds collected from homebuyers for housing projects that witnessed prolonged delays. The court has directed the ED to file its response and scheduled the matter for further hearing. The case stems from allegations involving around 4,600 delayed residential units and alleged misuse of homebuyers’ funds.
The Delhi High Court has asked the Enforcement Directorate (ED) to file its response on a petition moved by Nayan Raheja, director and son of the chairman of Raheja Developers, seeking to quash a money laundering case registered against him in 2022. The matter relates to an investigation into the alleged diversion of funds collected from homebuyers in several housing projects that faced significant construction delays.
The petition challenges the Enforcement Case Information Report (ECIR) registered by the ED under the Prevention of Money Laundering Act (PMLA). During the hearing, the High Court directed the central agency to place its stand on record and file a status report in the matter before the next hearing.
The money laundering investigation originates from multiple complaints filed by homebuyers who alleged that Raheja Developers failed to hand over possession of around 4,600 residential flats despite collecting substantial amounts from customers. According to the ED's investigation, the company allegedly collected around INR 2,699.13 crore from homebuyers, out of which nearly INR 1,353.26 crore was allegedly diverted for purposes unrelated to construction, resulting in prolonged project delays.
During the proceedings, Nayan Raheja's counsel argued that there was no material to establish his direct involvement in the alleged offences and sought the quashing of the money laundering proceedings. The petitioner also undertook to cooperate with the investigation. Taking note of the submissions, the High Court sought the ED's response before deciding on the plea.
The case is linked to the ED's broader probe into the affairs of Raheja Developers, which began after criminal cases were registered on the basis of complaints by affected homebuyers. The agency has alleged that funds collected for residential projects were diverted instead of being utilised for construction, leading to substantial delays in project completion.
In a related development, the ED recently provisionally attached immovable assets worth INR 782 crore belonging to Raheja Developers under the Prevention of Money Laundering Act as part of the ongoing investigation. The agency stated that the attachment was aimed at securing assets allegedly linked to the diversion of homebuyers' funds.
The alleged fund diversion case has been under investigation for several years and is among the prominent enforcement actions involving delayed residential projects in the National Capital Region. Homebuyers have repeatedly sought legal intervention over delays in possession and the alleged misuse of funds collected for project development.
Source PTI
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