Raids from yesterday through today, from Anant Raj Limited to Raheja Developers

The Enforcement Directorate (ED) has stepped up its scrutiny of the real estate sector, carrying out consecutive search operations over two days – first at Anant Raj Limited’s office in Delhi on Friday and then at multiple locations linked to Raheja Developers across the National Capital Region (NCR) on Saturday. The twin action, both under the Prevention of Money Laundering Act (PMLA), signals a broader crackdown on alleged financial irregularities and homebuyer-linked fraud cases.

Officials said the searches at Anant Raj began early Friday and continued through the day as part of an ongoing money laundering investigation. While the agency has not disclosed specific details of the case, sources indicated that documents and financial records are being examined.

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Within 24 hours, the ED radar included Raheja Developers, where search teams fanned out across seven premises in Delhi-NCR. The searches are linked to allegations of cheating homebuyers and failure to deliver flats in the company’s Raheja Revanta project.

Raheja case: Allegations rooted in earlier FIRs and ED action

The latest searches are part of a continuing investigation that dates back to multiple FIRs filed by the Economic Offences Wing (EOW) of Delhi Police against Raheja Developers, its Managing Director Naveen Raheja, and others.

According to the ED’s July 1, 2025 press release, the agency had earlier conducted searches at 13 locations across Delhi, NCR and Mohali on June 27 under the PMLA. The probe was initiated after FIRs alleged that the company collected substantial funds from investors and homebuyers on the promise of delivering residential flats in various group housing projects but failed to hand over possession.

During those earlier raids, the ED said it seized incriminating documents, digital devices, and records related to movable and immovable assets. The findings pointed to suspected diversion and misuse of funds collected from buyers, forming the basis for the ongoing money laundering investigation.

The current round of searches seems to be a continuation of that probe, with a sharper focus on the Raheja Revanta project, where buyers have alleged prolonged delays and non-delivery of flats despite payments.

Anant Raj shares dip after ED action

The Enforcement Directorate action at Anant Raj’s Delhi office triggered a sharp sell-off in Anant Raj Limited shares, which fell over 7 per cent during Friday’s trade amid heightened investor concerns. The stock was trading at Rs. 472.45, down 7.38 per cent.

The counter has remained under pressure in recent days as well, losing over 7 per cent in the past week and more than 13 per cent on a year-to-date basis.

Probe intensifies across sector

The back-to-back searches underscore the ED’s increasing focus on alleged irregularities in real estate projects, particularly those involving large-scale fund collection from homebuyers. With investigations into both Anant Raj and Raheja Developers ongoing, more disclosures are expected in the coming days as authorities analyse seized material and financial trails.