&imwidth=800&imheight=600&format=webp&quality=medium "ED attaches fresh assets worth ₹503 crore in Raheja Developers case; total seizures cross ₹1,617 crore")
Mumbai: The Enforcement Directorate (ED) has provisionally attached immovable properties worth approximately ₹503.48 crore belonging to Raheja Developers Limited, its promoter Navin Raheja and his family members in connection with an alleged homebuyers fraud and money laundering case.
The attachment has been made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. With the latest action, the total value of assets attached by the central agency in the case has now reached approximately ₹1,617.29 crore, making it one of the largest attachments in a real estate-linked money laundering investigation involving homebuyers.
According to the ED, the money laundering probe stems from multiple FIRs registered by the Economic Offences Wing (EOW) on complaints filed by homebuyers who accused the developer of failing to complete and hand over residential units despite collecting large sums of money over the years.
The agency alleges that Raheja Developers collected nearly ₹2,425.99 crore from around 4,600 homebuyers across several residential and commercial projects. However, investigators claim a substantial portion of these funds was allegedly siphoned off and diverted through a web of related companies, group entities and shell firms instead of being utilised for project construction and completion.
The ED’s investigation has reportedly uncovered a complex network of financial transactions allegedly designed to conceal the movement of funds. Officials suspect that proceeds collected from one project were diverted elsewhere, leaving several developments incomplete and causing financial distress to thousands of homebuyers.
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The latest attachment follows an earlier provisional attachment of assets worth ₹1,113.81 crore in April this year. Those assets included land parcels, commercial properties and other investments allegedly linked to the company, its promoters and associated entities.
During search operations conducted as part of the investigation, the ED had also seized jewellery and bullion worth around ₹15.82 crore, foreign currency and several incriminating documents and digital devices. These materials are currently being examined to establish the complete money trail and identify all individuals and entities that may have benefited from the alleged diversion of funds.
The case has drawn significant attention due to the large number of affected homebuyers and the scale of the alleged financial irregularities. The ED has stated that further investigation is underway to trace additional assets, identify beneficiaries and determine the full extent of the alleged laundering of homebuyers’ funds.
With total attachments now crossing ₹1,617 crore, the Raheja Developers case has emerged as one of the country’s biggest probes involving alleged diversion of homebuyers’ money and suspected financial misconduct in the real estate sector.
