Raheja Developers and promoters face money laundering charges

The Enforcement Directorate (ED) has filed a chargesheet under the Prevention of Money Laundering Act (PMLA) against Raheja Developers Ltd., its promoters Navin M. Raheja and Nayan N. Raheja, and 18 others. The filing was made before the Special Court at Saket Courts in New Delhi.

The investigation follows complaints from approximately 4,600 homebuyers and investors who reportedly paid for residential and commercial units in projects such as Raheja Revanta, Atlantis, Navin Minar, and The Delhi Mall, but received neither possession nor refunds. The ED alleges that the company collected roughly Rs 2,699.13 crore for projects in Delhi and Gurugram.

Authorities have identified Rs 1,353.26 crore as alleged proceeds of crime. This includes Rs 1,175.86 crore allegedly diverted from project, escrow, and RERA accounts for purposes other than construction, and Rs 177.40 crore reportedly collected in cash outside of registered agreements. The ED claims funds were diverted to group companies and entities operated through employees and relatives to purchase land or transferred between different project accounts. Most of the group’s projects remain incomplete.