NEW DELHI: The Enforcement Directorate (ED) announced on Tuesday that it has attached assets valued over Rs 1,100 crore, linked to the promoters and entities associated with real estate firm Raheja Developers, amid an investigation into money laundering related to alleged fraud against homebuyers.
The agency conducted searches as part of this case on April 25, where they seized bullion worth Rs 15.82 crore and foreign currency equivalent to Rs 15 lakh.
The ED stated it has issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), targeting immovable properties owned by N A Buildwell and Riyasat Palaces, entities connected to Raheja Developers.
Additionally, properties of Raheja Developers’ CMD, Navin M Raheja, and his family members have also been attached, with an estimated market value of Rs 1,113.81 crore, the agency reported.
In response to last week’s searches, the company denied any wrongdoing or fraud, asserting that it has invested significantly more than what has been collected from customers, as verified by a RERA-supervised forensic audit, and reiterated that no funds have been misallocated.
The ED had also previously conducted raids on the company, its promoters, and others in June 2025.
This case of money laundering originates from multiple FIRs filed by the Economic Offences Wing (EOW) against the company and Navin M Raheja on allegations of deceiving homebuyers.
According to the agency, Raheja Developers raised Rs 2,425.99 crore from approximately 4,600 homebuyers for various residential projects.
It is alleged that a significant portion of these funds was misappropriated and funneled through a complex network of related entities and shell companies, eventually reaching parties controlled by the director, their family, and close associates.
The ED claims the misallocated funds were used for purposes unrelated to the real estate projects, such as acquiring assets for personal use.
Recently, the company attributed delays in its Gurugram project, “Raheja Revanta,” to a lack of essential government infrastructure, despite having made complete payments for External Development Charges (EDC) and Internal Development Charges (IDC). They emphasized that the 61-storey building cannot be safely delivered without crucial services like water, electricity, sewage, and firefighting systems.
