ED Attaches Assets Worth Rs 1,113 Crore in Money-Laundering Case Against Raheja Developers
The Enforcement Directorate (ED) has attached assets worth more than Rs 1,100 crore belonging to the promoters and entities linked to real-estate company Raheja Developers in a money-laundering investigation concerning alleged fraud against homebuyers.
Key Facts:
- Assets worth Rs 1,113.81 crore attached by ED
- Assets include immovable properties, bullion, and foreign currency
- Investigation concerns alleged fraud against homebuyers
- Company denied any wrongdoing or fraud in a statement issued after last week's searches
The federal agency conducted searches in connection with the case on April 25, seizing bullion worth Rs 15.82 crore and foreign currency equivalent to Rs 15 lakh.
The ED said in a statement that it had issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), attaching immovable properties belonging to N A Buildwell and Riyasat Palaces, which are entities related to Raheja Developers.
Immovable properties of Raheja Developers CMD Navin M Raheja and his family members have also been attached, the agency said.
The company had collected Rs 2,425.99 crore from 4,600 homebuyers for various residential real-estate projects, but a substantial portion of the funds collected from homebuyers was allegedly siphoned off.
The diverted funds were utilised for purposes unrelated to the projects, including acquisition of assets and other personal uses, the ED said.
Timeline:
- April 25: ED conducts searches and seizes bullion and foreign currency
- June 2025: ED raids the company, its promoters and some others
- Last week: Company denies any wrongdoing or fraud in a statement issued after searches
The agency had also raided the company, its promoters and some others in June 2025.
The money-laundering case stems from multiple Economic Offences Wing (EOW) FIRs filed against the company and Navin M Raheja on the charge of cheating homebuyers.
Company Response:
Raheja Developers said that the company has invested significantly more than customer collections, as confirmed by a RERA-supervised forensic audit, and no funds have been diverted.
The company also stated that the delay in its Gurugram project, ''Raheja Revanta'', was primarily due to a lack of essential government infrastructure, despite full payment of EDC/IDC.
It added that the possession for the 61-storey structure cannot be safely delivered without critical services like water, electricity, sewerage and firefighting systems.
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