The Enforcement Directorate (ED) announced on Tuesday that it has seized assets exceeding Rs 1,100 crore belonging to the promoters and associated entities of the real-estate firm Raheja Developers as part of a money-laundering investigation related to alleged fraud against homebuyers. On April 25, the federal agency executed searches pertinent to the case, confiscating bullion valued at Rs 15.82 crore and foreign currency amounting to Rs 15 lakh.
In a statement, the ED indicated that it had issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), which involved the attachment of immovable properties owned by N A Buildwell and Riyasat Palaces, both of which are linked to Raheja Developers.
Additionally, immovable properties belonging to Raheja Developers’ CMD Navin M Raheja and his family members have also been attached, with the current estimated market value of these assets being Rs 1,113.81 crore, as stated by the agency. Following the searches conducted last week, the company refuted any allegations of misconduct or fraud in a statement. “The company has invested significantly more than the amounts collected from customers, as verified by a RERA-supervised forensic audit, and no funds have been misappropriated,” Raheja Developers asserted.
In June 2025, the agency had also conducted raids on the company, its promoters, and several others. The money-laundering investigation originates from multiple FIRs filed by the Economic Offences Wing (EOW) against the company and Navin M Raheja, accusing them of deceiving homebuyers.
According to the agency, Raheja Developers had amassed Rs 2,425.99 crore from 4,600 homebuyers for various residential real-estate projects. “A significant portion of the funds raised from homebuyers was misappropriated. These funds were funneled through a complicated network of related entities and shell companies, ultimately being transferred to entities controlled by the Director, his family members, and close associates,” the agency claimed.
The funds that were “diverted” were used for purposes that were “unrelated” to the projects, such as the acquisition of assets and other personal expenditures, according to the ED. Last week, the company announced that the delay in its Gurugram project, “Raheja Revanta”, was mainly due to the absence of necessary government infrastructure, even though the EDC/IDC had been fully paid. It further stated that the possession of the 61-storey building cannot be safely handed over without essential services like water, electricity, sewerage, and firefighting systems.
