NEW DELHI: The Enforcement Directorate (ED) on Saturday conducted raids at multiple locations in the National Capital Region linked to Raheja Developers, its promoters and associated entities in connection with an alleged Rs 2,500 crore fraud involving delayed delivery of homes to nearly 4,500 buyers.
The searches were carried out at 7 locations, including Noida, Greater Noida, Sainik Farms and New Friends Colony, covering premises linked to Naveen Raheja, his son Nayan Raheja, other family members and company directors.
The investigation pertains to allegations that the developer collected around Rs 2,500 crore from homebuyers, particularly in its Raheja Revanta project, but failed to deliver flats within the committed timelines. The agency said it has found indications of fund diversion, financial irregularities and fraud under provisions of the Prevention of Money Laundering Act (PMLA). It added that thousands of buyers have complained of non-delivery despite making substantial payments.
The ED registered an Enforcement Case Information Report (ECIR) based on multiple cases filed by the Economic Offences Wing (EOW) of Delhi Police. According to officials, several FIRs have been lodged against Raheja Developers Ltd., its Managing Director Naveen Raheja and others under various sections of the IPC.
Officials said financial records, project documents and digital data are being examined.