Daijiworld Media Network – New Delhi

New Delhi, Jul 8: The Enforcement Directorate (ED) on Wednesday carried out searches at multiple locations across Delhi-NCR as part of a money laundering investigation into an alleged homebuyer fraud linked to the controversial "No EMI Till Possession" subvention schemes.

The raids were conducted at at least five premises associated with real estate firms, including CHD Developers Ltd., Ninex Developers Ltd. and Manju J Homes (India) Ltd., under the provisions of the Prevention of Money Laundering Act (PMLA). The operation was undertaken by the ED's Delhi Zonal Office-I.

The investigation is based on three FIRs registered by the Central Bureau of Investigation (CBI) in July 2025 following directions from the Supreme Court.

According to the CBI, the builders allegedly lured homebuyers into purchasing flats through subvention schemes that promised "No EMI Till Possession", encouraging buyers to avail housing loans while assuring them they would not have to bear EMI payments until possession of the property.

However, despite several years having elapsed, many homebuyers allegedly neither received possession of their flats nor the promised benefits.

The ED suspects that funds collected from homebuyers and housing loans were diverted to other projects or utilised for purposes unrelated to the projects for which they had been raised, resulting in proceeds of crime under the anti-money laundering law.

During the searches, officials examined financial records, banking transactions and project-related documents to trace the alleged diversion of funds.

The ED said further legal action would be initiated based on the evidence gathered during the course of the investigation.