Enforcement Directorate Raids Raheja Developers in Alleged Rs 2,500 Crore Homebuyer Fraud Case
Enforcement Directorate Conducts Searches at Raheja Developers' Premises
The Enforcement Directorate (ED) conducted searches at multiple premises linked to Raheja Developers, its promoters and associated entities across Delhi-NCR, on April 25. The searches are in connection with an alleged Rs 2,500 crore fraud involving delayed delivery of homes to nearly 4,500 buyers.
The Delhi zonal office of the ED carried out raids at seven locations, including Noida, Greater Noida, Sainik Farms and New Friends Colony, targeting properties linked to Naveen Raheja, his son Nayan Raheja, other family members and company directors. The probe pertains to allegations that the developer collected around Rs 2,500 crore from homebuyers, particularly in its Raheja Revanta project, but failed to deliver flats within committed timelines.
According to officials, the agency is examining allegations of fund diversion, financial irregularities and fraud, after thousands of buyers complained of non-delivery despite making substantial payments. The ED teams are scrutinising financial records, project documents and electronic data to trace the utilisation of buyer funds.
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The case was initially registered by the Economic Offences Wing (EOW) of Delhi Police, based on complaints that around 4,500 homebuyers were not allotted homes despite paying nearly Rs 2,500 crore to the developer. The ED later took over the matter and initiated action under the Prevention of Money Laundering Act (PMLA).
| Developer | Amount Collected | Number of Buyers |
|---|---|---|
| Raheja Developers | Rs 2,500 crore | 4,500 |
The investigation focuses on the Raheja Revanta housing project in Gurugram, where buyers have alleged long delays in handover despite making payments over several years. The searches mark a significant escalation in regulatory action against developers accused of delaying projects and misusing buyer funds in the NCR housing market, where stalled real estate projects have affected thousands of homebuyers.
Investor Takeaway
Investors should exercise caution when dealing with real estate companies with a history of delayed deliveries and financial irregularities.
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