ED conducts raids at Raheja Developers premises in NCR in money laundering case

The Enforcement Directorate on Saturday launched new raids against real estate firm Raheja Developers regarding a money laundering probe tied to suspected home-buyer fraud.

Approximately seven Delhi-NCR locations are currently being searched, ED officials said.

The officials stated the operation involves allegations of defrauding customers and failing to deliver units within the Raheja Revanta project. The agency previously targeted the company in June 2025 during the same investigation.

Earlier this month, the National Company Law Appellate Tribunal (NCLAT) rejected Raheja Developers' request to terminate the insolvency proceedings against its Gurugram-based Raheja Shilas project, noting that disputes with homeowners remain unsettled.

The tribunal had clarified that a Section 12A application under the Insolvency and Bankruptcy Code (IBC) to withdraw the Corporate Insolvency Resolution Process (CIRP) requires a formal settlement between the developer and buyers. Consequently, the door remains open for buyers to initiate a 12A filing once resolved.

"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," said an NCLAT bench comprising Chairperson Justice Ashok Bhushan and Barun Mitra, Member (Technical).

Legal counsel for Navin Raheja, the firm's CMD, argued for the closure of the CIRP, claiming respondents had received possession of their units. The defense further asserted that occupancy certificates were secured and all financial obligations met, leaving no outstanding grievances to be adjudicated.

The NCLAT in its final order on March 20 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."

The NCLAT ruling follows an appeal by Navin Raheja against a November 19, 2024, decision by the NCLT’s New Delhi Bench, which initially ordered the insolvency process.

"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," said NCLAT in its final order.

While a November 2024 interim order limited the CIRP specifically to the Sector 109 Gurugram project, over 40 buyers have alleged defaults by the developer. The tribunal has now instructed the Resolution Professional to continue the insolvency process and update creditor claims. Disputes involving other company projects must be pursued through separate legal petitions.

"The Financial Creditors in a class and Financial Institutions with respect to other projects of the CD, are free to prosecute their independent proceedings against other projects of the CD, which shall proceed in accordance with law, unaffected by initiation of CIRP by the impugned order with respect to project Raheja Shilas," it said.