Gurgaon: Enforcement Directorate (ED) has provisionally attached immovable assets worth ₹782 crore belonging to Raheja Developers under the Prevention of Money Laundering Act, escalating its probe into alleged diversion of homebuyers’ funds by the real estate company.With this latest action, the total value of assets attached in the case has reached nearly ₹2,399 crore, making it one of the largest attachment proceedings linked to alleged misuse of funds collected from homebuyers.The provisional attachment order was issued by ED’s Delhi zonal office in connection with its investigation against Raheja Developers, its director Navin M Raheja, and other associated persons. The probe is based on multiple FIRs registered by Economic Offences Wing (EoW) of Delhi Police following complaints from homebuyers, who alleged they were cheated after investing in the company’s residential projects.According to ED, Raheja Developers collected around ₹2,426 crore from nearly 4,600 homebuyers across several housing projects. The agency said a substantial portion of the money was diverted instead of being used for construction and completion of the projects, leaving thousands of buyers waiting for possession.This is the third major attachment in the case this year. In April, ED had attached assets worth around Rs 1,114 crore, followed by another attachment of ₹503 crore in June. The latest order adds ₹782 crore, taking the cumulative value of attached properties close to ₹2,400 crore.The agency has not disclosed details or locations of the assets covered under the latest order. Under PMLA, provisional attachment is aimed at preventing the transfer, sale, or disposal of assets suspected to be linked to proceeds of crime while the investigation and adjudication process continues.The case has become one of the most prominent investigations into alleged diversion of homebuyers’ money in the NCR real estate sector. Several buyers have approached legal and regulatory forums over long project delays, while ED continues to examine the money trail and identify assets connected to the fund diversions.
