The Enforcement Directorate (ED) has intensified its crackdown on the real estate sector in the NCR, carrying out a series of search operations over the last 48 hours. The raids, which began on Friday at the offices of Anant Raj Limited, extended till Saturday with intensive searches at multiple premises linked to Raheja Developers.Raheja Developers under the scannerOn Saturday, federal investigators fanned out across approximately seven locations in Delhi-NCR associated with Raheja Developers. The action is reportedly part of an ongoing money laundering investigation under the Prevention of Money Laundering Act (PMLA), stemming from allegations of cheating and fraud involving homebuyers. Specifically, the agency is looking into the alleged non-delivery of flats and potential diversion of funds in the company’s “Raheja Revanta” project.In response to the searches, Raheja Developers Ltd issued a detailed clarification, asserting that no fraud has been committed in the Revanta project.“The company has invested significantly more than customer collections, as confirmed by a RERA-supervised forensic audit, and no funds have been diverted,” the statement read.Addressing the concerns over project timelines, the developer noted: “The project delay is primarily due to the lack of essential government infrastructure, despite full payment of EDC/IDC. Given the scale of the 61-storey structure, possession cannot be safely delivered without critical services like water, electricity, sewerage and firefighting systems. We urge authorities to expedite infrastructure development to enable timely and safe delivery to homebuyers.”Friday operations at Anant Raj LimitedThe Raheja raids follow a similar high-stakes operation on Friday, when ED teams arrived at the Delhi-based offices of Anant Raj Limited. The searches at Anant Raj also fall under the umbrella of a money laundering probe.The news of the federal action had an immediate impact on the markets, with shares of Anant Raj Limited plunging nearly 9 per cent during Friday’s trading session. While the ED is reportedly examining financial records and digital devices seized from the premises, Anant Raj Limited has not issued any formal statement or clarification regarding the investigation so far.Broader sector crackdownThis twin action signals a broadening investigation into the NCR real estate market. The ED has recently stepped up its scrutiny of developers accused of misusing funds collected from investors and failing to meet delivery commitments. Officials indicated that the evidence gathered from these consecutive raids will be used to map out the trail of funds and determine if capital was diverted into other business ventures or personal assets.Further details are awaited as the agency continues its scrutiny of the documents seized during the two-day operation.