New Delhi. The Enforcement Directorate has attached assets worth ₹1,113.81 crore in connection with a money laundering investigation against a real estate developer group accused of misusing funds collected from homebuyers. The action is linked to allegations that ₹2,425.99 crore collected from around 4,600 buyers across multiple residential projects was diverted away from construction and project development activities.
Homebuyer Funds Under Investigation
According to officials involved in the probe, the company and its associated entities allegedly collected substantial sums from thousands of homebuyers over several years. Investigators suspect that a significant portion of the money was routed through related companies and shell entities instead of being used for the intended housing projects.
The case originated from multiple complaints registered with economic offences authorities, where homebuyers alleged delays in possession and misuse of invested funds. These complaints later led to the current money laundering probe under the Prevention of Money Laundering Act.
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Gold, Silver and Foreign Currency Seized During Searches
Search operations were recently conducted at multiple locations linked to the company and its promoters. During the searches, authorities reportedly recovered gold and silver bullion worth about ₹15.82 crore, along with foreign currency valued at nearly ₹15 lakh.
Following the searches, the agency issued a provisional attachment order targeting immovable properties linked to entities associated with the developer group. Assets belonging to N A Buildwell and Riyasat Palaces, which are believed to be connected to the larger corporate structure under investigation, have been included in the order.
Developer Denies Allegations, Cites Audit
Properties registered in the name of the company’s chairman, Navin M Raheja, and his family members have also been attached. The total estimated market value of the attached assets is stated to be ₹1,113.81 crore.
Investigators allege that the diverted funds were transferred to entities controlled by the promoters and their close associates, and may have been used for purposes unrelated to the residential projects, including asset acquisition and other investments. Officials claim the financial trail indicates structured layering of transactions.
The developer group has denied the allegations, stating that it invested more funds into its projects than what was collected from customers. It also claimed that there was no diversion of funds and cited a forensic audit conducted under the supervision of the real estate regulatory authority, which it said did not establish wrongdoing or financial mismanagement.
Officials have indicated that the investigation is continuing and further attachment of assets cannot be ruled out as the financial trail is examined in greater detail.
