The Enforcement Directorate (ED) has provisionally attached properties with an estimated market value of Rs 503.48 crore. The assets belong to Raheja Developers and to Navin M Raheja and his family members, and were attached under the Prevention of Money Laundering Act.

The agency is investigating Raheja Developers, its director Navin M Raheja, and other associated individuals and entities under PMLA.

The probe stems from multiple FIRs filed by Economic Offences Wing based on complaints from a large number of homebuyers. The complaints relate to various residential real estate projects launched by the company.

ED found that the company mobilised about Rs 2,425.99 crore from nearly 4,600 homebuyers for its projects. However, evidence shows substantial amounts collected from homebuyers were diverted and used for purposes other than the development and completion of the promised projects, the agency said in a press note.

Earlier, ED had attached properties belonging to Raheja Developers, related entities, director/promoter Navin M Raheja, and his family members. Those assets had an estimated market value of Rs 1,113.81 crore, as per an order dated April 28.

With the latest attachment of assets worth about Rs 503.48 crore, the total value of properties attached in this case so far stands at about Rs 1,617.29 crore, the agency said.

It added that further investigation is underway.