NEW DELHI: The Enforcement Directorate (ED) announced on Saturday the attachment of hundreds of acres of land in Haryana and Uttar Pradesh valued at over Rs 580 crore as part of a money laundering investigation against ADEL Landmarks Ltd., previously known as Era Landmarks Ltd. The firm has been accused of defrauding many homebuyers.
The investigation targets the company’s promoters, Hem Singh Bharana and Sumit Bharana, according to the ED’s statement.
An order issued on Friday under the Prevention of Money Laundering Act (PMLA) provisionally attached 340 acres of land in Gurugram, Faridabad, Palwal, Bahadurgarh in Haryana, and Meerut and Ghaziabad in Uttar Pradesh.
The total estimated value of these properties is Rs 585.46 crore.
This money laundering case originates from 74 FIRs and chargesheets filed by the Haryana and Delhi police, alleging the company and its promoters cheated numerous homebuyers by failing to deliver promised flats and units after delays of 12 to 19 years.
The ED revealed that ADEL Landmarks launched various residential projects in Gurugram, Faridabad, and Palwal, collecting Rs 1,075 crore in advance booking amounts from 4,771 customers across eight projects, including Cosmocourt, Cosmocity-I, Cosmocity-III, Skyville, Redwood Residency, Era Green World, Era Divine Court, and ADEL Divine Court.
These initiatives, begun between 2006 and 2012, have yet to be completed, as noted by the agency.
Funds collected from homebuyers were reportedly diverted by the promoters to their group companies for land purchases and other purposes rather than completing the housing projects.
The ED stated that many aggrieved customers requested refunds due to unfulfilled promises and received cheques from the company, most of which were later “dishonoured” for various reasons.
Additionally, the company “unilaterally” modified project plans and revised land licenses, including reducing the originally proposed land, which resulted in a lack of basic amenities previously promised to buyers, according to the ED.
