The Directorate of Enforcement (ED) has attached immovable properties valued at Rs 503.48 crore linked to Raheja Developers Ltd (RDL), its director Navin M Raheja, and his family members. This action is part of a money laundering probe into the alleged diversion of funds collected from thousands of homebuyers.
Action Under PMLA
The attachment was carried out under the Prevention of Money Laundering Act (PMLA), following an investigation that stemmed from multiple FIRs registered by the Economic Offences Wing. These FIRs were based on complaints from homebuyers of several residential projects launched by the company.
Fund Diversion Allegations
According to the ED, Raheja Developers collected nearly Rs 2,425.99 crore from about 4,600 homebuyers for various housing projects. Investigators have alleged that substantial portions of these funds were diverted for purposes unrelated to project development, leading to significant delays and non-completion of projects.
The agency stated that evidence gathered during the investigation points to large-scale diversion of funds, leaving thousands of buyers waiting for promised homes.
Second Major Attachment
This is the second major attachment in the case. On April 28, the ED had attached properties of Raheja Developers, related entities, Navin M Raheja, and his family members with an estimated market value of Rs 1,113.81 crore. With the latest attachment, the total value of assets attached in the case has risen to about Rs 1,617.29 crore.
The attached properties include assets owned by the company as well as those held in the names of Navin M Raheja and his family members. Further investigation is underway.
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