ED tightens noose on Raheja Developers
The Enforcement Directorate (ED) on Monday said it has attached fresh assets worth about Rs.503 crore as part of a money-laundering investigation into alleged fraud against homebuyers by real estate firm Raheja Developers and its promoter, Navin M Raheja. The agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA).
The order has attached immovable properties with an estimated current market value of Rs.503.48 crore belonging to Raheja Developers Ltd., as well as properties held in the names of Navin M Raheja and his family members, an official statement said on Monday. The probe stems from multiple FIRs registered by the Economic Offences Wing (EOW) based on complaints lodged by a large number of homebuyers regarding various residential projects launched by the company.
According to the ED, its investigation found that Raheja Developers mobilised funds of Rs.2,425.99 crore from nearly 4,600 homebuyers for various projects. The agency said that evidence gathered during the probe showed that “substantial amounts of the funds collected from homebuyers have been diverted and utilized for purposes other than the development and completion of the promised projects.”
The ED said it uncovered a “large-scale diversion of funds” in the case and attached the assets as part of its efforts to trace and secure the proceeds of crime. In April, the agency attached properties belonging to Raheja Developers, its related entities, promoter Navin M Raheja, and his family members, with an estimated current market value of Rs.1,113.81 crore. “With the present attachment of assets valued at approximately Rs.503.48 Crore, the total estimated current market value of assets attached in this case so far stands at approximately Rs.1,617.29 crore,” the ED said.
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