ED Files Prosecution Complaint Against Raheja Developers In Alleged ₹1,353 Crore Money Laundering Case

Mumbai: The Enforcement Directorate (ED) has filed a prosecution complaint against real estate developer Raheja Developers Ltd (RDL), its promoters Navin M. Raheja, his son Nayan N. Raheja, and 18 others, alleging money laundering of Rs 1,353.26 crore collected from homebuyers and investors in residential and commercial projects in Delhi and Gurugram. The agency has also sought confiscation of immovable properties provisionally attached during the investigation, which have a recorded book value of Rs 810.57 crore but an estimated current market value of Rs 2,399.65 crore.

The prosecution complaint under the Prevention of Money Laundering Act (PMLA) was filed on November 6 before the Special PMLA Court at Saket in Delhi. The complaint names 21 accused, including RDL, its promoters, family members and several associated companies and individuals, officials said.

Homebuyers' Funds Allegedly Diverted

According to the ED, RDL collected approximately Rs 2,699.13 crore from around 4,600 homebuyers and investors for residential and commercial projects, promising timely possession. These included Raheja Revanta, Atlantis, Navin Minar and The Delhi Mall. However, most of the projects remain incomplete, leaving several buyers without possession of their units or refunds, the agency alleged.

The agency's investigation has identified Rs 1,353.26 crore as proceeds of crime, alleging that funds collected from homebuyers were diverted instead of being utilised for construction. Of this, Rs 1,175.86 crore was allegedly siphoned off from project, escrow and RERA accounts for purposes other than construction, while another Rs 177.40 crore was collected in cash from homebuyers outside registered agreements, the agency said.

The agency further alleged that the diverted funds were routed through group companies and entities controlled by employees and their relatives acting as nominee directors. The money was allegedly used to acquire land in the names of these entities, while funds were transferred between RERA accounts of different projects, thereby diverting homebuyers' money from one project to another, the ED alleged in the complaint.

Investigation Based On Homebuyers' Complaints

The ED initiated its investigation based on multiple FIRs registered by the Economic Offences Wing of Delhi Police and Gurugram Police against the company and its directors following complaints from homebuyers. The complainants had alleged cheating and criminal breach of trust after the company failed to deliver the flats and commercial units for which they had made payments.

As part of the investigation, the agency conducted searches at 23 premises across Delhi-NCR in two phases — 14 premises on June 27, 2025, and nine on April 25, 2026 — linked to RDL, its promoters, employees and associated entities. During the searches, the agency seized incriminating documents, digital devices, jewellery, gold coins and bullion, and foreign currency. The retention of the seized material was subsequently approved by the PMLA Adjudicating Authority.

Properties Worth Rs 2,399.65 Crore Attached

The agency provisionally attached the immovable properties through three separate orders issued on April 28, June 15 and July 30, 2026. The properties have a combined book value of Rs 810.57 crore, while their estimated current market value is Rs 2,399.65 crore. The ED has sought their confiscation through the prosecution complaint.

ED Seeks Warrants Against Promoters

The agency also alleged that promoters Navin and Nayan Raheja, along with Nayana N. Singhania and Nirmal Raheja, did not join the search proceedings and failed to respond to repeated summonses issued under Section 50 of the PMLA. The ED has moved the Special Court seeking non-bailable warrants against the four.

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Nayan Raheja's anticipatory bail application was dismissed by the Special Judge (PMLA) on September 19, and his subsequent petition was dismissed by the Delhi High Court on October 15, the agency said. The ED has also sought custody of the four promoters and family members if they are apprehended.

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