NEW DELHI: The Enforcement Directorate (ED) conducted searches at various locations in Delhi-NCR on Wednesday as part of a money laundering investigation linked to alleged fraud involving homebuyers with subvention schemes, officials reported.
At least five premises associated with three companies—CHD Developers Ltd., Ninex Developers Ltd., and Manju J Homes (India) Ltd.—were raided under the Prevention of Money Laundering Act (PMLA).
The companies were not immediately reachable for comment.
The ED’s investigation arises from three FIRs filed by the Central Bureau of Investigation (CBI) in 2025 under the Supreme Court’s direction. The CBI found that builders allegedly misled homebuyers and investors with promises of ‘no EMI until possession’ through these subvention schemes, which encouraged homebuyers to take out loans for purchasing flats or apartments.
However, the inquiry revealed that even years later, many homebuyers had still not received possession of their homes.
The ED asserted that the accused generated illicit proceeds by “diverting” funds meant for homebuyers to other projects or purposes.
