The agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA).
The order has attached immovable properties with an estimated current market value of Rs 503.48 crore belonging to Raheja Developers Ltd., as well as properties held in the names of Navin M Raheja and his family members, an official statement said on Monday.
The probe stems from multiple FIRs registered by the Economic Offences Wing (EOW) based on complaints lodged by a large number of homebuyers regarding various residential projects launched by the company.
According to the ED, its investigation found that Raheja Developers mobilised funds of Rs 2,425.99 crore from nearly 4,600 homebuyers for various projects.
The agency alleged that evidence gathered during the probe showed that “substantial amounts of the funds collected from homebuyers have been diverted and utilized for purposes other than the development and completion of the promised projects.”
The ED said it uncovered a “large-scale diversion of funds” in the case and attached the assets as part of its efforts to trace and secure the proceeds of crime. The company had categorically denied allegations of fraud.
“No wrongdoing has been committed against any homebuyer. In fact, Raheja Developers Ltd. has invested significantly more funds into the project than what has been collected from customers,” the company said in a statement.
“This has also been substantiated in the forensic audit conducted under the supervision of the Haryana Real Estate Regulatory Authority,” it said.
The statement added that there has been no diversion or misuse of funds.
In April, the agency attached properties belonging to Raheja Developers, its related entities, promoter Navin M Raheja and his family members, with an estimated current market value of Rs 1,113.81 crore.
“With the present attachment of assets valued at approximately Rs 503.48 Crore, the total estimated current market value of assets attached in this case so far stands at approximately Rs 1,617.29 crore,” the ED said.