The Enforcement Directorate (ED) on Saturday carried out raids at multiple premises in Delhi-NCR linked to Raheja Developers and its promoters in connection with an alleged ₹2,500-crore fraud involving delayed delivery of homes to nearly 4,500 buyers, sources said.

The raids, conducted under the Prevention of Money Laundering Act, covered seven locations, including Noida, Greater Noida, Sainik Farms and New Friends Colony.

“The probe pertains to allegations that the developer collected around ₹2,500 crore from homebuyers, particularly in its Raheja Revanta project, but failed to deliver flats within committed timelines,” said an ED official.

The agency registered its case based on multiple cases registered by the economic offences wing of Delhi police.

The ED official said Raheja Developers Ltd. and its directors allegedly collected substantial sums from investors and homebuyers on the promise of delivering flats across group housing projects, but failed to do so.

The agency sleuths are looking into financial records, project documents and electronic data to trace the utilisation of buyer funds.

Raheja Developers, however, denied any wrongdoing or fraud committed in this project. "The company has invested significantly more than customer collections, as confirmed by a RERA-supervised forensic audit, and no funds have been diverted."

"The project delay is primarily due to the lack of essential government infrastructure, despite full payment of EDC/IDC," Raheja Developers said in a statement.

The raids on the Raheja Group follow a similar operation on Friday when the agency raided the premises of another realty firm, Anant Raj Limited. The searches at Anant Raj also fall under the umbrella of a money laundering probe, the ED official said.

The ED has recently stepped up its scrutiny of developers accused of misusing funds collected from investors and failing to meet delivery commitments. Officials indicated that the evidence gathered from these raids will be used to map the trail of funds and determine if capital was diverted into other business ventures or personal assets.