The Enforcement Directorate (ED) has filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA), 2002, against M/s Raheja Developers Limited, its Managing Director Naveen M Raheja, several family members, and 16 other individuals and entities before the Special PMLA Court at Saket, New Delhi.
The complaint, filed under Sections 44 and 45 of the PMLA, relates to the offence of money laundering punishable under Sections 3 and 4 of the Act and arises from a criminal conspiracy under Section 120B of the Indian Penal Code. It stems from an FIR registered by the Delhi Police under IPC Sections 406, 409, 420, 467, 468, 471 and 120-B.
The ED found that Raheja Developers and its directors collected about `2,699.13 crore from around 4,600 homebuyers for projects in Delhi and Gurugram. However, the company did not complete the projects or hand over possession to buyers. Of the money collected, about Rs 1,175.86 crore went to construction, while Rs 1,177.40 crore was diverted. Investigators said buyers regularly sent funds to other companies run by the promoters and their relatives.
Investigators found that money collected from buyers was systematically transferred to other companies controlled by the promoters and their relatives. They also spent some of the money on personal expenses and bought land unrelated to the projects for which they collected the funds.
The agency searched 14 places in Delhi-NCR on 27 June 2025 and nine more on 25 April 2026. During these searches, they took documents, digital devices, cash, and other evidence. Earlier, the ED had temporarily attached assets worth Rs 810.57 crore, which now have a market value of about Rs 2,399.65 crore, under Section 5 of the PMLA. These assets include homes, commercial spaces, land, and other properties linked to the accused.
Naveen M Raheja, his son Navin M Raheja, daughter-in-law Navina N Raheja, and aunt Nirmal Raheja were arrested under the PMLA. The Special Court and the Delhi High Court both denied their bail.
The ED’s complaint names 21 people and companies as accused, including Raheja Developers Limited, Raheja Construction Limited, Raheja Pegasus Limited, N.F. Buildwell Private Limited, Raheja Aakarshan Entertainment Private Limited, Stadia Farms Private Limited, other group companies, and several family members and associates. The ED has submitted to the court that it should take note of the offence and begin the trial.
This case highlights the large-scale diversion of homebuyer funds by a major real estate group. The ED says that money collected for certain projects was moved through a network of related companies run by the promoters.
With many assets already attached and key family members in custody, filing the prosecution complaint is an important step toward trial in one of the biggest real estate money-laundering cases before the Special Court.