ED Conducts Raids On Delhi-NCR Builders In Homebuyer Fraud, Money Laundering Case

Last Updated:July 08, 2026, 13:51 IST

As part of the searches, the agency is examining financial records, banking transactions and project-related documents to trace the alleged diversion of funds.

ED Raids In Delhi-NCR: The Enforcement Directorate (ED) on Wednesday conducted searches at multiple locations across Delhi-NCR as part of a money laundering investigation into an alleged homebuyer fraud linked to so-called “No EMI Till Possession" subvention schemes.

At least five premises linked to real estate companies CHD Developers Ltd., Ninex Developers Ltd. and Manju J Homes (India) Ltd., among others, were searched under the provisions of the Prevention of Money Laundering Act (PMLA). The action is being carried out by the ED’s Delhi Zonal Office-I.

The money laundering probe stems from three FIRs registered by the Central Bureau of Investigation (CBI) in July 2025 following directions issued by the Supreme Court. The CBI investigation found that builders allegedly cheated homebuyers/investors in the name of ‘subvention schemes’. The schemes pertains to builders promising ‘no EMI till possession’ leading homebuyers to avail housing loans to purchase flats/apartments in their projects.

However, despite several years having passed, many buyers allegedly did not receive possession of their flats. The ED suspects that funds raised from homebuyers and housing loans were diverted to other projects or used for purposes unrelated to the projects for which they were collected, generating proceeds of crime under the anti-money laundering law.

As part of the searches, the agency is examining financial records, banking transactions and project-related documents to trace the alleged diversion of funds. The ED said further legal action will be taken based on the evidence gathered during the investigation.

(With inputs from agencies)

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Shobhit Gupta

Shobhit Gupta is a sub-editor at News18.com and covers India and International news. He is interested in day to day political affairs in India and geopolitics. He earned his BA Journalism (Hons) degre...Read More

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