Key facts
- The ED attached fresh assets worth Rs 503.48 crore belonging to Raheja Developers and its promoter Navin M Raheja.
- The attachment is part of a money-laundering investigation into alleged fraud against homebuyers.
- The ED alleges that funds collected from nearly 4,600 homebuyers, totaling Rs 2,425.99 crore, were diverted.
- Raheja Developers denied the allegations, stating that it invested more funds into projects than collected from customers.
- The total value of assets attached in this case has reached approximately Rs 1,617.29 crore.
The Enforcement Directorate (ED) announced on Monday the attachment of fresh assets valued at approximately Rs 503.48 crore as part of its ongoing money-laundering investigation into alleged fraud against homebuyers by real estate firm Raheja Developers and its promoter, Navin M Raheja. This action brings the total value of attached assets in the case to about Rs 1,617.29 crore.
The ED's investigation, stemming from multiple First Information Reports (FIRs) filed by the Economic Offences Wing based on numerous complaints from homebuyers, alleges that Raheja Developers collected Rs 2,425.99 crore from nearly 4,600 homebuyers for various projects. The agency claims that substantial funds were diverted and used for purposes other than the development and completion of these projects.
Raheja Developers has categorically denied the allegations, asserting that no wrongdoing has occurred and that the company has invested more funds into its projects than what was collected from customers. The company also stated that a forensic audit conducted under the supervision of the Haryana Real Estate Regulatory Authority substantiated its claims of no fund diversion or misuse.
This latest attachment follows a previous action in April, when the ED attached properties worth Rs 1,113.81 crore belonging to Raheja Developers, its related entities, Navin M Raheja, and his family members.