ED attaches ₹503 cr assets in Raheja Developers case

The Enforcement Directorate (ED) has attached assets worth around ₹503 crore linked to Raheja Developers as part of a money laundering investigation. The action is based on suspected financial irregularities in the company’s real estate dealings, and the probe is still ongoing.

Property Pulse

The Enforcement Directorate (ED) has provisionally attached assets worth about ₹503 crore belonging to Raheja Developers Ltd., its promoter Naveen M. Raheja and family members as part of an ongoing money laundering investigation linked to delayed housing projects.According to the agency, the action stems from multiple FIRs registered by the Economic Offences Wing based on complaints from homebuyers across several residential projects.

The ED alleged that around 4,600 homebuyers invested nearly ₹2,426 crore in various projects promoted by the company. Investigators claim a substantial portion of the funds collected from buyers was diverted for purposes unrelated to project development, resulting in delays and financial hardship for customers.The latest attachment covers immovable assets with a current market value of approximately ₹503.48 crore under the provisions of the Prevention of Money Laundering Act (PMLA).This follows an earlier attachment of assets worth ₹1,113.81 crore announced in April. With the latest action, the cumulative value of assets attached in the case has risen to about ₹1,617.29 crore.

Raheja Developers has denied the allegations. The company stated that it has not cheated homebuyers and claimed that it invested more funds into the projects than the amounts collected from customers. It further said that a forensic audit conducted under the supervision of the Haryana Real Estate Regulatory Authority (HRERA) did not find evidence of fund diversion or misuse.The investigation is continuing.

CASE AT A GLANCE