ED Raids Raheja Developers In ₹2,500 Crore Homebuyer Case, 4,500 Buyers Await Homes
The Enforcement Directorate searched multiple Delhi-NCR locations linked to Raheja Developers over allegations of fund diversion and delayed possession, while the company denied wrongdoing and blamed infrastructure delays.
The Enforcement Directorate (ED) has conducted raids at multiple premises linked to Raheja Developers, its promoters and associated entities in connection with an alleged ₹2,500 crore case involving delayed delivery of homes to nearly 4,500 buyers.
Searches were carried out at seven locations across Delhi-NCR, including Noida, Greater Noida, Sainik Farms and New Friends Colony. Properties linked to Naveen Raheja, his son Nayan Raheja, other family members and company directors were covered during the operation.
According to officials, the probe centres on allegations that the developer collected around ₹2,500 crore from homebuyers, particularly for the Raheja Revanta project in Gurugram, but failed to hand over flats within promised timelines.
The matter was first registered by the Economic Offences Wing (EOW) of Delhi Police after complaints from buyers who alleged they had paid substantial sums but were not allotted homes. The ED later initiated proceedings under the Prevention of Money Laundering Act (PMLA).
Officials said investigators are examining financial records, project documents and electronic data to trace how buyer funds were used. The agency suspects that money collected from customers may not have been fully utilised for completion of the project.
The investigation is focused on the Raheja Revanta housing project, where several buyers have complained of long delays despite making payments over many years. The action is being seen as a major escalation in scrutiny of stalled real estate projects in the NCR region.
Raheja Developers denied the allegations and said no fraud had taken place in the Revanta project.
The company stated, “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.”
It further said the delay was mainly due to a lack of essential government infrastructure despite full payment of EDC/IDC charges.
“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,” the company added.
Disclaimer: Allegations are under investigation. No wrongdoing has been established unless proven through due legal process.
