The Enforcement Directorate today carried out searches at seven locations across NCR, including Noida, Greater Noida, Sainik Farms and New Friends Colony. The raids targeted premises linked to Raheja Developers, its Managing Director Naveen Raheja, his son Nayan Raheja, and other associated entities.
The Enforcement Directorate’s sweeping searches across Delhi-NCR have put Raheja Developers under sharp scrutiny, reopening a long-running dispute between thousands of homebuyers and the real estate firm. At the centre of the probe is the delayed delivery of flats in the Raheja Revanta project, raising a key question: Does the case point to financial wrongdoing, or is it a fallout of stalled government infrastructure?
The Enforcement Directorate’s Delhi zonal office on April 25 carried out searches at seven locations across the National Capital Region (NCR), including Noida, Greater Noida, Sainik Farms and New Friends Colony. The raids targeted premises linked to Raheja Developers, its Managing Director Naveen Raheja, his son Nayan Raheja, and other associated entities.
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Officials said documents and electronic records are being seized as part of an ongoing money laundering investigation tied to alleged fraud involving nearly Rs. 2,500 crores. The action follows earlier searches in July 2025, when multiple locations across Delhi, NCR and Mohali were covered under the Prevention of Money Laundering Act (PMLA).
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The case hinges on complaints from around 4,500 homebuyers, many of whom invested in the Raheja Revanta project in Gurugram. Buyers allege that despite making substantial payments over several years, they have not received possession of their flats.
According to investigators, the developer is accused of collecting large sums on the promise of delivering residential units within committed timelines but failing to meet those obligations. The prolonged delays have triggered allegations of financial irregularities and possible diversion of funds.
The investigation originated from FIRs filed by the Economic Offences Wing (EOW) of Delhi Police. These complaints alleged that thousands of buyers paid nearly Rs. 2,500 crore but were not allotted homes.
The ED, after taking over the case, began examining whether the funds collected were diverted or inadequately used for construction. Officials are now analysing financial trails, project records and digital evidence to establish whether there was deliberate mismanagement or fraud.
According to the agency, multiple FIRs accuse Raheja Developers Ltd. and its directors of collecting substantial sums from investors and homebuyers on the promise of delivering flats across group housing projects, but failing to do so.
FIRs have been registered by Delhi’s Economic Offences Wing under various sections of the Indian Penal Code, 1860, against Raheja Developers Ltd., its Managing Director Naveen Raheja, and others.
The Revanta project is not the only development under the scanner. The Raheja Shilas project in Sector 109, Gurugram, Haryana has also faced legal setbacks. Earlier this month, the National Company Law Appellate Tribunal (NCLAT) refused to halt insolvency proceedings linked to the project, noting unresolved disputes with over 40 homebuyers who have claimed default.
“Raheja Developers Ltd. clarifies that no fraud has been committed in the Revanta project. The Company has invested significantly more than customer collections, as confirmed by a RERA-supervised forensic audit, and no funds have been diverted.
The project delay is primarily due to the lack of essential government infrastructure, despite full payment of EDC/IDC. Given the scale of the 61-storey structure, possession cannot be safely delivered without critical services like water, electricity, sewerage, and firefighting systems.
We urge authorities to expedite infrastructure development to enable timely and safe delivery to homebuyers,” said a spokesperson of Raheja Developers.
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