Enforcement Directorate Attaches Assets of Raheja Developers Valued at Over Rs 1,110 Crore in Homebuyers' Fraud Case

Money Laundering Investigation: ED Attaches Assets Worth Over Rs 1,100 Crore of Raheja Developers

The Enforcement Directorate (ED) 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, with the estimated current market value of these assets being Rs 1,113.81 crore, as per the ED.

The company had denied any wrongdoing or fraud in a statement issued after last week's searches. Raheja Developers claimed that it had invested significantly more than customer collections, as confirmed by a RERA-supervised forensic audit, and no funds had been diverted. The agency had also raided the company, its promoters, and some others in June 2025.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

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 alleged that Raheja Developers had collected Rs 2,425.99 crore from 4,600 homebuyers for various residential real-estate projects. However, a substantial portion of the funds collected from homebuyers was allegedly siphoned off and routed through a complex web of related entities and shell companies.

The diverted funds were utilized for purposes unrelated to the projects, including the 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. The company added that the possession for the 61-storey structure cannot be safely delivered without critical services like water, electricity, sewerage, and firefighting systems.