Homebuyers 'fraud': ED attaches Raheja Developers' assets worth over Rs 1,110 crore

The Enforcement Directorate (ED) on Tuesday said it 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. 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 and the estimated current market value of these assets is Rs 1,113.81 crore, it said. The company had denied any wrongdoing or fraud in a statement issued after last week's searches. ''The company has invested significantly more than customer collections, as confirmed by a RERA-supervised forensic audit, and no funds have been diverted,'' Raheja Developers said. 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. The agency said Raheja Developers had collected Rs 2,425.99 crore from 4,600 homebuyers for various residential real-estate projects. ''A substantial portion of the funds collected from homebuyers was siphoned off. These funds were routed through a complex web of related entities and shell companies and these were ultimately transferred to entities controlled by the Director, his family members and close associates,'' the agency alleged. The ''diverted'' funds were utilised for purposes ''unrelated'' to the projects, including acquisition of assets and other personal uses, the ED said. Last week, the company 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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