Homebuyers report long-delayed housing projects as ED attaches land in ADEL Landmarks case

The Hindu
The Hindu
3h ago
The Enforcement Directorate attached 340 acres of land worth ₹585.46 crore in Haryana and Uttar Pradesh in a money-laundering case involving ADEL Landmarks Limited and allegations of cheating homebuyers through long-delayed, incomplete housing projects.
Homebuyers report long-delayed housing projects as ED attaches land in ADEL Landmarks case
A What happened
The Enforcement Directorate attached 340 acres of land in Haryana and Uttar Pradesh worth ₹585.46 crore in a money-laundering case involving ADEL Landmarks Limited (formerly Era Landmarks Limited) and its promoters Hem Singh Bharana and Sumit Bharana. Police cases accused the company and promoters of cheating numerous homebuyers by not delivering promised flats and units even after delays of 12–19 years. The ED said the company collected ₹1,075 crore as advance booking amounts from 4,771 customers across eight projects launched in 2006–2012, and said the projects remain incomplete. The ED said customers seeking refunds received cheques, many of which were dishonoured, and said project plans and licensed land areas were unilaterally altered, reducing originally proposed land and denying promised amenities.
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Key insights

  • 1

    ED links alleged diversion of buyer funds to money-laundering probe: The ED said substantial funds collected from homebuyers were diverted to group companies for land purchases and other purposes instead of completing the promised projects.

  • 2

    Refund attempts included dishonoured cheques: The ED said customers seeking refunds were issued cheques by the company and many were dishonoured for various reasons.

  • 3

    Project changes cited as reducing promised amenities: The ED said the company unilaterally altered project plans and licensed land areas, including reducing originally proposed land, which led to denial of basic amenities initially promised to buyers.

Takeaways

The ED has provisionally attached land worth ₹585.46 crore as it investigates alleged cheating of homebuyers and suspected money laundering involving ADEL Landmarks Limited and its promoters.

Topics

Business & Markets Real Estate Investigations Law & Public Safety Crime & Justice

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