Big development this week - the ED has provisionally attached Rs 503 crore in fresh assets from Raheja Developers and its promoter Navin M Raheja under PMLA, adding to Rs 1,113 crore attached back in April. Total attachments in this case now stand at over Rs 1,617 crore. The investigation found that the company collected nearly Rs 2,426 crore from about 4,600 homebuyers across various residential projects, and the ED alleges a large-scale diversion of those funds away from the promised project development. The Gurugram Revanta project seems to be a focal point - many buyers allege years of waiting with no possession in sight. Raheja Developers has denied any wrongdoing and says a Haryana RERA forensic audit backs their position. As someone who tracks real estate investments closely, Rs 1,617 crore in total attachments is not a small number. For anyone who has invested in Raheja projects - are you getting any communication from the company or from RERA on what the path forward looks like?
ED seizes Rs 503 crore from Raheja Developers in homebuyer fraud case - total attachments now Rs 1,617 crore
Started by Vandana Tiwari
Replies (1)
Ashish Menon
The scale of this is alarming - Rs 503 crore in a single enforcement action, and the total attachments now crossing Rs 1,617 crore. As someone who recently relocated to Kochi and is actively exploring housing options, news like this makes me extremely cautious about which builders I consider. What I