Gurgaon: Enforcement Directorate (ED) on Wednesday carried out searches at five locations across Delhi-NCR as part of its ongoing money laundering investigation into an alleged fraud involving three real estate developers.The three developers — CHD Developers, Ninex Developers and Manju J Homes — have been under scrutiny following complaints from hundreds of homebuyers, who alleged prolonged delays in possession despite having paid substantial amounts under builder-backed financing schemes.The searches were conducted by the Delhi zonal office-I under the Prevention of Money Laundering Act (PMLA) in connection with alleged misuse of “subvention schemes,” under which homebuyers were promised “No EMI till possession” while booking residential units. The searches are aimed at tracing the alleged diversion of funds, collecting evidence related to money laundering and identifying assets acquired from the alleged proceeds of crime.The PMLA investigation stems from three enforcement case information reports registered on the basis of FIRs filed by Central Bureau of Investigation (CBI). The CBI cases were registered on July 28, 2025, following directions issued by Supreme Court on April 29, 2025, in the matter of Himanshu Singh vs Union of India & Others.According to ED, the CBI investigation found that the developers induced homebuyers to purchase flats through subvention schemes under which buyers obtained housing loans with the assurance that they would not have to pay EMIs until possession was handed over. However, despite the passage of several years, the promised flats were allegedly not delivered, leaving buyers saddled with loan liabilities and resulting in substantial financial losses.The agency alleged that the proceeds of crime were generated by diverting housing loan funds and payments received from homebuyers to other projects or for purposes unrelated to the projects for which the money had been raised.
