ED raids Raheja Developers, CMD Navin Raheja in money laundering probe over homebuyer fraud Photos: X.
The Enforcement Directorate (ED) on Saturday carried out fresh searches at multiple locations linked to real estate firm Raheja Developers as part of an ongoing money laundering investigation tied to alleged home-buyer fraud. According to reports citing officials, around seven locations across Delhi-NCR were searched by ED. Reports say that the case is based on allegations that the company defrauded customers by failing to deliver housing units under the Raheja Revanta project. The ED is examining claims of delays and non-delivery, which have triggered complaints from homebuyers.
Earlier this month, the National Company Law Appellate Tribunal (NCLAT) rejected a plea by Raheja Developers seeking to terminate insolvency proceedings related to its Gurugram-based Raheja Shilas project. The tribunal noted that disputes between the developer and homebuyers remain unresolved.
The appellate tribunal clarified that any application under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the Corporate Insolvency Resolution Process (CIRP) requires a formal settlement between the company and the buyers. It added that such a filing could only be considered once disputes are settled.
An NCLAT bench said, “Respondent Nos.1 to 43 (flat buyers) have objected to the closure of the CIRP, who have initiated the proceedings. We are of the view that no order can be passed in this appeal for closing the CIRP.”
The tribunal also recorded submissions from homebuyers highlighting that several issues remain unresolved.
In its final order dated March 20, the NCLAT said, “We have already noted the submissions of learned Counsel appearing for Respondent Nos.1 to 43, who has contended that issues have not been fully solved, and a large number of issues pending with the corporate debtor (CD), are unresolved.”
Legal counsel appearing for Navin Raheja, Chairman and Managing Director (CMD) of the company, argued for closure of the insolvency proceedings. The defence claimed that buyers had already received possession of their units, occupancy certificates had been obtained, and all financial obligations had been fulfilled, leaving no pending grievances.
Modifying that order, the appellate tribunal said, “The order dated November 19, 2024 passed by NCLT… is modified to the extent that CIRP against the CD shall confine to its project Raheja Shilas (Low Rise) only.”
While an interim order in November 2024 had already limited the CIRP to the Sector 109 Gurugram project, more than 40 homebuyers have alleged defaults by the developer.
Navin Raheja is the Chairman and Managing Director of Raheja Developers. He founded the company with an initial investment of $100, according Raheja Developers website, and has since built it into a real estate business managing projects worth approximately $2 billion.
Born to Yagyabrahma Shrimati Krishna Raheja and late Shri Maheshwar Nath Raheja, an Indian government servant, he has been associated with multiple initiatives beyond real estate. He is known for his work in slum rehabilitation, having supported more than 20,000 slum dwellers, and has contributed to real estate policy discussions.
Raheja is also a wildlife conservation enthusiast and has produced over 150 wildlife films.
Raheja Developers is among the major real estate firms in India, with projects spanning over 27 million square feet at various stages of execution. The company has already delivered approximately 26.5 million square feet of residential and commercial developments, including farmhouses, plotted developments, and hotel properties.
Navin Raheja’s net worth was estimated at around ₹14,600 crore (approximately $2 billion USD), according to 2021 reports.
Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
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