New Delhi: The ED attached properties worth Rs 1,113.81 crore of two entities linked to Raheja Developers in a matter related to defrauding of homebuyers and money laundering, an official said on Tuesday.
The Enforcement Directorate (ED), Delhi Zonal Office, issued the Provisional Attachment Order (PAO) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, attaching immovable properties belonging to N.A. Buildwell Pvt Ltd and Riyasat Palaces Ltd, said an official statement, adding that the two firms are related entities of Raheja Developers.
The ED additionally issued an attachment order against the immovable properties of Navin M. Raheja and his family members. The total estimated current market value of the attached properties is approximately Rs 1,113.81 crore, said the ED statement.
The ED said it is investigating Raheja Developers, its Director Navin M. Raheja, and other associated persons under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The present case relates to multiple FIRs registered by the Economic Offences Wing (EOW) based on complaints filed by numerous homebuyers who were allegedly defrauded.
During the investigation, it has been revealed that Raheja Developers collected funds amounting to Rs 2,425.99 crore from around 4,600 homebuyers in connection with various real estate projects launched under the pretext of providing residential units, it said.
In connection with the investigation, searches under Section 17 of the PMLA were conducted at multiple office and residential premises linked to Raheja Developers and its associated persons on June 27, 2025, the ED said.
Further searches were carried out at various locations on April 25, 2026. During the search proceedings conducted on April 25, various incriminating documents, digital evidence, and jewellery. and bullion valued at Rs 15.82 crore, along with foreign currency amounting to approximately Rs 15 lakh, were recovered and seized, said the statement.
Analysis of the documents seized during the search proceedings, along with other evidence collected during the investigation, has revealed that a substantial portion of the funds collected from homebuyers was siphoned off, it said.
These funds were routed through a complex web of related entities and shell companies and were ultimately transferred to entities controlled by the director, his family members, and close associates. The diverted funds were utilised for purposes unrelated to the projects, including the acquisition of assets and other personal uses, the ED said.
(IANS)
