ED Attaches Raheja Developers’ Assets Over Rs 1,110 Cr in Homebuyer Fraud
Key Highlights
Enforcement Directorate seizes over Rs 1,110 crore in assets from Raheja Developers amid a money-laundering probe into alleged fraud against thousands of homebuyers.
The Enforcement Directorate (ED) has taken a significant step in its money-laundering investigation by attaching assets worth more than Rs 1,110 crore linked to Raheja Developers. This action stems from allegations of fraud perpetrated against homebuyers.
The agency’s probe revealed that funds collected from over 4,600 homebuyers were allegedly siphoned off. These funds were reportedly used for purposes not related to the real estate projects for which they were collected.
During recent searches, the Enforcement Directorate successfully seized bullion and foreign currency as part of the ongoing investigation. The total value of the attached assets now exceeds Rs 1,100 crore.