NEW DELHI: The Enforcement Directorate (ED) announced on Monday that it has attached fresh assets valued at approximately Rs 503 crore as part of an ongoing money-laundering investigation into alleged fraud involving homebuyers by Raheja Developers and its promoter Navin M Raheja.
The agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA).
The attachment includes immovable properties worth an estimated Rs 503.48 crore, belonging to Raheja Developers Ltd. as well as properties owned by Navin M Raheja and his family members, as stated by an official announcement.
This probe originated from multiple FIRs filed by the Economic Offences Wing (EOW) based on numerous complaints from homebuyers about various residential projects launched by the firm.
The ED’s investigation revealed that Raheja Developers collected Rs 2,425.99 crore from approximately 4,600 homebuyers for various projects.
The agency alleges that significant portions of the funds raised from homebuyers were misappropriated and used for purposes other than the development and completion of the promised projects.
The ED reported uncovering a “large-scale diversion of funds” in this case and will continue to trace and recover the proceeds of crime through such asset attachments.
Raheja Developers has firmly denied the fraud allegations, stating, “No wrongdoing has been done against any homebuyer. Raheja Developers Ltd. has invested significantly more into the project than what was collected from customers.”
The company also noted that this was corroborated by a forensic audit conducted under the oversight of the Haryana Real Estate Regulatory Authority, asserting that there has been no diversion or misuse of funds.
Previously, in April, the ED had attached properties valued at approximately Rs 1,113.81 crore belonging to Raheja Developers, its related parties, as well as promoter Navin M Raheja and his family.
With the recent attachment of assets worth around Rs 503.48 crore, the overall estimated market value of assets attached in this case now reaches approximately Rs 1,617.29 crore, according to the ED.
