India, June 16 -- The Enforcement Directorate (ED) has provisionally seized properties worth about Rs 503.48 crore from Raheja Developers Ltd., its Chairman and Managing Director Navin M Raheja, and his family. This step, under the Prevention of Money Laundering Act (PMLA), 2002, is part of a larger investigation into claims that homebuyers were cheated. With this Provisional Attachment Order (PAO) from the ED's Delhi office, the total value of attached properties in the case is now about Rs 1,617.29 crore.

This order follows earlier claims that large sums collected from homebuyers were routed through related businesses and shell companies for reasons unrelated to the projects. The ED found that Raheja Developers Ltd. collected about Rs ...