diff --git a/mypy/checker.py b/mypy/checker.py
index 4bbd49cd71984..9021039e6e19b 100644
--- a/mypy/checker.py
+++ b/mypy/checker.py
@@ -4581,6 +4581,13 @@ def check_return_stmt(self, s: ReturnStmt) -> None:
                         s.expr, return_type, allow_none_return=allow_none_func_call
                     )
                 )
+                # Treat NotImplemented as having type Any, consistent with its
+                # definition in typeshed prior to python/typeshed#4222.
+                if (
+                    isinstance(typ, Instance)
+                    and typ.type.fullname == "builtins._NotImplementedType"
+                ):
+                    typ = AnyType(TypeOfAny.special_form)
 
                 if defn.is_async_generator:
                     self.fail(message_registry.RETURN_IN_ASYNC_GENERATOR, s)
@@ -4746,6 +4753,14 @@ def type_check_raise(self, e: Expression, s: RaiseStmt, optional: bool = False)
             # https://github.com/python/mypy/issues/11089
             self.expr_checker.check_call(typ, [], [], e)
 
+        if isinstance(typ, Instance) and typ.type.fullname == "builtins._NotImplementedType":
+            self.fail(
+                message_registry.INVALID_EXCEPTION.with_additional_msg(
+                    '; did you mean "NotImplementedError"?'
+                ),
+                s,
+            )
+
     def visit_try_stmt(self, s: TryStmt) -> None:
         """Type check a try statement."""
         # Our enclosing frame will get the result if the try/except falls through.
diff --git a/test-data/unit/check-statements.test b/test-data/unit/check-statements.test
index d1464423e90f0..44880cf352043 100644
--- a/test-data/unit/check-statements.test
+++ b/test-data/unit/check-statements.test
@@ -519,6 +519,13 @@ if object():
     raise BaseException from f # E: Exception must be derived from BaseException
 [builtins fixtures/exception.pyi]
 
+[case testRaiseNotImplementedFails]
+if object():
+    raise NotImplemented    # E: Exception must be derived from BaseException; did you mean "NotImplementedError"?
+if object():
+    raise NotImplemented()  # E: NotImplemented? not callable
+[builtins fixtures/notimplemented.pyi]
+
 [case testTryFinallyStatement]
 import typing
 try:
diff --git a/test-data/unit/fixtures/notimplemented.pyi b/test-data/unit/fixtures/notimplemented.pyi
index 2ca376ea07605..92edf84a7fd11 100644
--- a/test-data/unit/fixtures/notimplemented.pyi
+++ b/test-data/unit/fixtures/notimplemented.pyi
@@ -1,6 +1,5 @@
 # builtins stub used in NotImplemented related cases.
-from typing import Any, cast
-
+from typing import Any
 
 class object:
     def __init__(self) -> None: pass
@@ -10,5 +9,10 @@ class function: pass
 class bool: pass
 class int: pass
 class str: pass
-NotImplemented = cast(Any, None)
 class dict: pass
+
+class _NotImplementedType(Any):
+    __call__: NotImplemented  # type: ignore
+NotImplemented: _NotImplementedType
+
+class BaseException: pass