The Enforcement Directorate (ED), Delhi Zonal Office, recently issued a Provisional Attachment Order (PAO) attaching immovable properties belonging to N.A. Buildwell Pvt. Ltd. and Riyasat Palaces Ltd. — entities related to Raheja Developers Ltd. — as well as properties owned by Navin M. Raheja and his family members.
The total estimated current market value of the attached properties is approximately ₹1,113.81 crore.
The ED is conducting an investigation against Raheja Developers Ltd., its Director Navin M. Raheja, and other associated individuals under the provisions of the Prevention of Money Laundering Act (PMLA). The case pertains to multiple FIRs registered by the Economic Offences Wing (EOW), based on complaints filed by numerous homebuyers who were allegedly defrauded.
During the course of the investigation, it was revealed that Raheja Developers Ltd. collected funds amounting to approximately ₹2,425.99 crore from around 4,600 homebuyers in connection with various real estate projects, under the pretext of providing residential units.
As part of the investigation, searches under Section 17 of the PMLA were conducted at multiple office and residential premises linked to Raheja Developers Ltd. and its associates on June 27, 2025. Further searches were carried out at various locations on April 25, 2026.
During the search operations conducted on April 25, 2026, several incriminating documents, digital evidence, jewellery, and bullion worth approximately ₹15.82 crore, along with foreign currency amounting to around ₹15 lakh, were recovered and seized.
Analysis of the seized documents and other evidence has revealed that a substantial portion of the funds collected from homebuyers was siphoned off. These funds were routed through a complex network of related entities and shell companies, and were ultimately transferred to entities controlled by the Director, his family members, and close associates. The diverted funds were allegedly used for purposes unrelated to the projects, including the acquisition of assets and personal expenditures.
Further investigation into the matter is ongoing.