The Enforcement Directorate (ED) on Wednesday carried out searches at various locations in Delhi-NCR in connection with a money laundering investigation linked to alleged fraud with homebuyers in the name of subvention schemes.
Officials said that at least five premises linked to three companies-- CHD Developers Ltd., Ninex Developers Ltd. and Manju J Homes (India) Ltd. -- have been raided under the Prevention of Money Laundering Act (PMLA).
The companies could not be contacted immediately.
The money laundering probe of the ED, under the Prevention of Money Laundering Act (PMLA), stems from three FIRs filed by the Central Bureau of Investigation (CBI) in 2025 on the directions of the Supreme Court.
The CBI investigation found that builders allegedly cheated homebuyers/investors in the name of 'subvention schemes'. The schemes pertain to builders promising 'no EMI till possession', leading homebuyers to avail housing loans to purchase flats/apartments in their projects.
However, it was found that even after a lapse of several years, possession of the flats was not delivered to them, the probe agencies alleged.
The ED said the accused generated proceeds of crime by "diverting" the funds of these home buyers to other projects and/or for other purposes.
(With inputs from PTI)