ED says search on Raheja Developers yielded incriminating documents | Company Business News-OxBig News Network

New Delhi: The Enforcement Directorate (ED) said on Tuesday that its Delhi zonal office’s search operations into Raheja Developers Ltd, one of its senior executives, and others under the anti-money laundering law have yielded incriminating documents.

An official statement from ED said search operations were held on Sunday at 13 locations in Delhi, the National Capital Region and Mohali under the provisions of the Prevention of Money Laundering Act (PMLA) in an ongoing investigation against Raheja Developers, its directors, and others.

ED said it initiated an investigation based on multiple first information reports (FIRs) registered by the Economic Offences Wing, Delhi, under various sections of the Indian Penal Code against Raheja Developers, a senior executive, and others. 

“The FIRs allege that substantial sums were fraudulently collected from investors and homebuyers by Raheja Developers on the promise of delivering residential flats in various group housing projects but failed to hand over the promised flats,” the ED statement said. 

Incriminating documents recovered

“During the searches, several incriminating documents, digital devices, and details of movable and immovable properties were found and seized. Further investigation is in progress,” the statement said.

Queries emailed on Tuesday evening to Raheja Developers and phone calls made remained unanswered at the time of publishing. 

NCLT Principal Bench had in November 2024 admitted the bankruptcy resolution petition filed by financial creditors against Raheja Developers. The petition was filed by 43 homebuyers of the Raheja Shilas Low Rise project in Gurugram for ₹112.9 crore in dues. 

However, in a relief to Raheja Developers, the appellate tribunal NCLAT confined the insolvency proceedings against the realty firm to only one of its projects, Raheja Shilas, Business Standard reported on 22 November. 

NCLAT directed Raheja Developers to provide details regarding the other incomplete projects and the status of all ongoing projects, enabling appropriate orders to be passed, the Business Standard report had said. 

Separately, in a significant precedent, the Supreme Court ruled on 2 May in the case of Kalyani Transco vs Bhushan Power and Steel Ltd that neither NCLT nor NCLAT has jurisdiction to question or overturn provisional attachment orders made by the ED under PMLA and that this power lies exclusively with the court.