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A Delhi court has granted interim protection from arrest to the chairman and managing director of Raheja Developers Limited in connection with an Enforcement Directorate (ED) investigation linked to an alleged money laundering case. The court directed both executives to cooperate with the investigation while restraining the agency from taking coercive action until the next hearing. The ED case stems from a Central Bureau of Investigation (CBI) FIR concerning alleged diversion of homebuyers' funds and delayed housing projects. The court observed that the investigation had been ongoing for several years and sought the ED's response before deciding on the matter. The interim relief will remain in force until the next scheduled hearing.
A Delhi court has granted interim protection from arrest to the chairman and managing director (CMD) of Raheja Developers Limited in an Enforcement Directorate (ED) case linked to alleged money laundering. The relief was granted earlier this week while the court directed both company executives to cooperate fully with the ongoing investigation and appear before the agency as required.
Additional Sessions Judge Neha Mittal Chauhan of the Patiala House Courts passed the interim order after hearing submissions from both sides. The court restrained the ED from taking any coercive action against the chairman and CMD until the next date of hearing, while making it clear that the protection was subject to their continued cooperation with the investigation.
The case originates from an FIR registered by the Central Bureau of Investigation (CBI), which alleged diversion of funds collected from homebuyers and delays in the execution of housing projects. Based on the predicate offence, the ED initiated a money laundering investigation under the Prevention of Money Laundering Act (PMLA).
During the proceedings, counsel representing the company executives argued that they had cooperated with investigating agencies throughout the inquiry. The defence also submitted that the ED investigation had remained pending for several years and contended that custodial interrogation was not warranted at this stage of the proceedings.
The ED opposed the plea, maintaining that the investigation was continuing and that the allegations involved the alleged diversion of funds collected from homebuyers. The agency argued that further investigation was required to examine the movement of funds and other financial transactions connected with the case.
While granting interim protection, the court observed that the matter required further consideration and sought a detailed response from the ED. It also directed the investigating agency to file its reply before the next hearing, after which the court will consider the applications for regular relief.
The order records that the interim protection is limited in nature and does not amount to a finding on the merits of the allegations. The court emphasised that the petitioners must continue extending full cooperation to the investigating agency and comply with any lawful directions issued during the course of the investigation.
According to the court schedule, the matter has been listed for further hearing in the coming weeks. Until then, the interim protection from arrest will remain in force, subject to compliance with the conditions laid down by the court, while the ED continues its investigation into the alleged money laundering case involving Raheja Developers Limited.
Source - PTI
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