New Delhi: The Enforcement Directorate (ED) has conducted fresh searches against Raheja Developers as part of an ongoing money laundering investigation linked to alleged fraud involving homebuyers and delays in project delivery. The raids were carried out across multiple locations in the Delhi-NCR region, covering around seven premises connected to the company, its directors, and associated entities.

Officials from the ED’s Delhi zone confirmed that the searches are part of a probe into alleged irregularities in the company’s housing project, ‘Raheja Revanta’, where several homebuyers have complained of non-delivery of flats despite making substantial payments.

Investigation into alleged homebuyer fraud

According to ED officials, the case stems from multiple FIRs registered by the Economic Offences Wing (EOW) of Delhi Police against the developer, its Managing Director Naveen Raheja, and others. These complaints allege that the company collected large sums from investors and homebuyers on the promise of delivering residential units but failed to hand over possession within the stipulated timelines.

The agency suspects that funds collected from buyers may have been diverted or misused, which has led to the invocation of provisions under the Prevention of Money Laundering Act (PMLA). During earlier searches conducted on June 27, 2025, across 13 locations in Delhi-NCR and Mohali, the ED had seized documents, digital devices, and records linked to both movable and immovable assets.

Officials indicated that the evidence gathered during those raids formed the basis for the ongoing investigation and the current round of searches.

Focus on Raheja Revanta project

The latest action is centred around the Raheja Revanta project, a high-rise residential development that includes a proposed 61-storey structure. Several homebuyers have raised concerns about delays in possession and lack of progress, prompting regulatory and investigative scrutiny.

In response to the allegations, Raheja Developers issued a statement denying any wrongdoing. The company asserted that no fraud had been committed and claimed that it has invested significantly more than the funds collected from customers. It also cited a forensic audit conducted under the supervision of the Real Estate Regulatory Authority (RERA), which, according to the company, found no diversion of funds.

Company cites infrastructure delays

Raheja Developers attributed the delay in project completion to the lack of essential government infrastructure. The company stated that despite paying External Development Charges (EDC) and Internal Development Charges (IDC) in full, critical services such as water supply, electricity, sewerage systems, and firefighting infrastructure are yet to be made available.

“The project delay is primarily due to the lack of essential government infrastructure,” the company said, adding that possession of the 61-storey structure cannot be safely handed over without these facilities in place.

The developer further urged authorities to expedite infrastructure development to ensure timely and safe delivery of homes to buyers.

Legal setbacks and ongoing scrutiny

The company has also faced legal challenges in recent months. The National Company Law Appellate Tribunal (NCLAT) had earlier rejected a plea by Raheja Developers seeking to terminate insolvency proceedings to its Gurugram-based Raheja Shilas project. The tribunal observed that disputes between the developer and homebuyers remain unresolved, highlighting the ongoing concerns surrounding the company’s projects.

Continued enforcement action

The ED’s renewed action signals continued scrutiny of real estate transactions involving large-scale investments and delayed project deliveries. Investigators are expected to analyse the material collected during the latest searches to establish whether there was any diversion of funds or financial misconduct.

Authorities have emphasised that the probe is ongoing, and further action will depend on the findings of the investigation.

Conclusion

The fresh ED raids on Raheja Developers underscore the growing focus on accountability in the real estate sector, particularly in cases involving homebuyer grievances. While the company has denied allegations of fraud and attributed delays to infrastructural issues, the outcome of the investigation will be crucial in determining responsibility and ensuring justice for affected buyers.