ED seizes ₹1,113 crore assets of Raheja Developers-linked entities in homebuyer fraud case
Synopsis
The ED has provisionally attached ₹1,113.81 crore worth of properties tied to Raheja Developers and its director Navin M. Raheja, after investigators found that ₹2,425.99 crore collected from around 4,600 homebuyers was allegedly siphoned through shell companies for personal use — one of the larger real estate PMLA actions in the NCR in recent years.
Key Takeaways
The ED provisionally attached properties worth ₹1,113.81 crore on 28 April 2026 under the PMLA, 2002 .
Attached entities include N.A.
Buildwell Pvt Ltd , Riyasat Palaces Ltd , and properties of director Navin M.
Raheja and his family.
Raheja Developers allegedly collected ₹2,425.99 crore from approximately 4,600 homebuyers for undelivered residential projects.
Funds were allegedly routed through shell companies and used for personal asset acquisition unrelated to the projects.
Searches on 25 April 2026 yielded jewellery and bullion worth ₹15.82 crore and foreign currency of approximately ₹15 lakh .
The case stems from multiple FIRs filed by the Economic Offences Wing (EOW) on homebuyer complaints.
The Enforcement Directorate (ED) on 28 April 2026 provisionally attached immovable properties worth ₹1,113.81 crore belonging to two entities linked to Raheja Developers, in a money laundering investigation stemming from alleged large-scale fraud against homebuyers. The ED Delhi Zonal Office issued the Provisional Attachment Order (PAO) under the Prevention of Money Laundering Act (PMLA), 2002, targeting N.A. Buildwell Pvt Ltd and Riyasat Palaces Ltd — both described as related entities of Raheja Developers.
What Was Attached and Who Is Targeted
The ED additionally issued an attachment order against the immovable properties of Navin M. Raheja, director of Raheja Developers, and his family members. The total estimated current market value of all attached properties stands at approximately ₹1,113.81 crore, according to the official ED statement. The agency said it is investigating Raheja Developers, Navin M. Raheja, and other associated persons under the PMLA.
Scale of the Alleged Fraud
According to the ED, Raheja Developers collected funds amounting to ₹2,425.99 crore from approximately 4,600 homebuyers across various real estate projects, ostensibly for the delivery of residential units. The present case originates from multiple First Information Reports (FIRs) registered by the Economic Offences Wing (EOW) based on complaints filed by numerous aggrieved homebuyers who were allegedly defrauded. The scale of the alleged collection — nearly ₹2,426 crore from close to 5,000 buyers — places this among the larger real estate fraud investigations in the National Capital Region in recent years.
How the Money Was Allegedly Siphoned
Investigation findings, according to the ED, revealed that a substantial portion of the funds collected from homebuyers was siphoned off and routed through a complex web of related entities and shell companies. These funds were ultimately transferred to entities controlled by the director, his family members, and close associates. The diverted funds were reportedly utilised for purposes unrelated to the housing projects, including acquisition of personal assets and other personal uses, the agency said.
Search Operations and Evidence Seized
The ED conducted searches under Section 17 of the PMLA at multiple office and residential premises linked to Raheja Developers and associated persons on 27 June 2025. A second round of searches was carried out on 25 April 2026 at various locations. During the 25 April 2026 searches, investigators recovered and seized incriminating documents, digital evidence, jewellery and bullion valued at ₹15.82 crore, and foreign currency amounting to approximately ₹15 lakh, the ED statement said.
What Happens Next
The provisional attachment order is a precursor to formal adjudication before the Adjudicating Authority under PMLA, where the ED will be required to establish that the attached properties constitute proceeds of crime. The investigation into Raheja Developers, its director, and associated persons remains ongoing. The case adds to a growing list of PMLA actions against real estate developers accused of misappropriating homebuyer funds — a pattern that regulators and courts have flagged repeatedly over the past decade.
Point of View
Diverting funds through layered shell structures, and leaving buyers without homes or recourse for years. The ED's PMLA action comes after EOW FIRs — meaning buyers had already exhausted the conventional complaint route before enforcement machinery engaged. The real question is whether attachment translates into restitution for the 4,600 buyers, or whether it remains a headline number tied up in adjudication for years. Past PMLA real estate cases suggest the latter is more common than the former.
NationPress
2 May 2026
Frequently Asked Questions
Why did the ED attach Raheja Developers' assets?
The ED attached ₹1,113.81 crore worth of properties under the PMLA, 2002, after an investigation revealed that Raheja Developers allegedly collected ₹2,425.99 crore from around 4,600 homebuyers and siphoned a substantial portion through shell companies for personal use, rather than delivering the promised residential units.
Who are the entities and individuals named in the attachment order?
The provisional attachment covers immovable properties of N.A. Buildwell Pvt Ltd and Riyasat Palaces Ltd — both related entities of Raheja Developers — as well as properties belonging to director Navin M. Raheja and his family members.
What evidence did the ED recover during searches?
During searches conducted on 25 April 2026, the ED recovered incriminating documents, digital evidence, jewellery and bullion valued at ₹15.82 crore, and foreign currency worth approximately ₹15 lakh. An earlier round of searches was conducted on 27 June 2025.
What happens after a provisional attachment order under PMLA?
A provisional attachment order is subject to confirmation by the Adjudicating Authority under the PMLA, where the ED must establish that the attached properties are proceeds of crime. The process can take months to years before final adjudication.
How many homebuyers are affected in the Raheja Developers case?
According to the ED, approximately 4,600 homebuyers paid a combined ₹2,425.99 crore to Raheja Developers for residential units across various projects. Their complaints to the Economic Offences Wing formed the basis of the FIRs that triggered the PMLA investigation.
