ED Conducts Searches In ₹2,500 Crore Homebuyer Fraud Case Linked To Raheja Developers

The Enforcement Directorate (ED) has conducted searches at multiple locations linked to Raheja Developers as part of a money laundering probe into an alleged Rs 2,500 crore homebuyer fraud case.

According to a report by Moneycontrol, the raids were carried out by the agency’s Delhi zonal office across several premises in Delhi-NCR, including Noida, Greater Noida, Sainik Farms, and New Friends Colony.

The searches targeted properties associated with the company’s promoter, Naveen Raheja, his son Nayan Raheja, other family members, and key company officials.

The investigation centres around allegations that the real estate firm collected around Rs 2,500 crore from homebuyers across various projects but failed to deliver flats within the promised timelines. A significant portion of the complaints is linked to the Raheja Revanta project.

According to officials, the case is based on multiple FIRs and complaints filed by aggrieved homebuyers, who have accused the company of misusing funds and delaying project completion. The ED is examining whether the funds collected from buyers were diverted for purposes other than construction.

The searches are part of an ongoing probe under the Prevention of Money Laundering Act (PMLA), with authorities looking to trace the flow of funds and identify potential irregularities in financial transactions.

The action marks a significant escalation in scrutiny of real estate developers facing allegations of project delays and fund mismanagement, especially in cases involving large-scale homebuyer investments.

The ED is expected to analyse documents and digital records seized during the raids to further its investigation into the matter.