The Enforcement Directorate (ED) on Monday provisionally attached properties with an estimated market value of Rs 503.48 crore belonging to Raheja Developers, its director Navin M Raheja, and his family members under the Prevention of Money Laundering Act (PMLA).
Ongoing Investigation Under PMLA
The agency is investigating Raheja Developers, its director Navin M Raheja, and other associated individuals and entities under the PMLA. The probe originates from multiple FIRs registered by the Economic Offences Wing based on complaints from a large number of homebuyers. These complaints relate to various residential real estate projects launched by the company.
Fund Diversion by Company
The ED found that the company mobilised about Rs 2,425.99 crore from nearly 4,600 homebuyers for its projects. However, evidence indicates that substantial amounts collected from homebuyers were diverted and used for purposes other than the development and completion of the promised projects, the agency said in a press note.
Previous Attachments
Earlier, the ED had attached properties belonging to Raheja Developers, related entities, director/promoter Navin M Raheja, and his family members. Those assets had an estimated market value of Rs 1,113.81 crore, as per an order dated April 28.
Total Value of Attachments
With the latest attachment of assets worth about Rs 503.48 crore, the total value of properties attached in this case so far stands at about Rs 1,617.29 crore, the agency stated. It added that further investigation is underway.
