The action was taken under the Prevention of Money Laundering Act, 2002 (PMLA), targeting immovable properties linked to group entities such as N.A. Buildwell Pvt. Ltd. and Riyasat Palaces Ltd., along with assets held by Raheja’s family members.

Allegations: ₹2,400+ crore collected from homebuyers

According to the ED, the case stems from multiple FIRs registered by the Economic Offences Wing (EOW) based on complaints from homebuyers.

Investigators found that:

• The company collected around ₹2,425.99 crore
• From approximately 4,600 homebuyers
• Promising residential units across multiple projects

However, a significant portion of these funds was allegedly diverted instead of being used for construction.

How the money was diverted

ED’s probe indicates that:

• Funds were routed through a complex network of shell companies and related entities
• Eventually transferred to firms controlled by:
  • The director
  • Family members
  • Close associates

The diverted money was then used for:

• Acquisition of assets
• Personal expenses
• Non-project-related purposes

Search operations & seizures

The agency conducted searches under PMLA provisions:

• June 27, 2025: Multiple premises linked to the group
• April 25, 2026: Fresh search operations

During the latest searches, ED seized:

• Jewellery and bullion worth ₹15.82 crore
• Foreign currency worth ₹15 lakh
• Key documents and digital evidence

What happens next?

The attached properties—worth over ₹1,100 crore—are part of efforts to secure proceeds of crime while the investigation continues.

Further action could include:

• Filing of prosecution complaint
• Trial under PMLA
• Potential recovery proceedings

Why this case matters

This case highlights a recurring issue in real estate:

Diversion of homebuyer funds

• Money collected for projects used elsewhere

Delayed or stalled projects

• Buyers left without homes despite payments

Regulatory scrutiny rising

• Agencies like ED stepping in for financial crimes

The Bottom Line

The Raheja Developers case underscores the risks homebuyers face when project funds are misused. With over ₹1,100 crore in assets now attached, the investigation marks one of the significant enforcement actions in the real estate sector.

Also Read: ED Attaches ₹51.57 Crore Assets in Ocean Seven Buildtech Homebuyers Fraud Case

The post ED Attaches ₹1,113 Crore Assets in Raheja Developers Case Over Alleged Fund Diversion appeared first on Square Feat India.