ED attaches properties worth Rs 585 crore in money laundering case

New Delhi, Jan 10 The Gurugram Zonal Office of the Directorate of Enforcement (ED) has provisionally attached immovable properties worth approximately Rs 585.46 crore in connection with a money laundering case involving M/s ADEL Landmarks Ltd. (formerly M/s Era Landmarks Ltd.) and its promoters, Hem Singh Bharana and Sumit Bharana, an official statement said on Saturday.

The provisional attachment order was issued on Friday, January 9.

According to ED, the attached assets comprise various plots and parcels of land measuring around 340 acres, located across Gurugram, Faridabad, Palwal and Bahadurgarh in Haryana, as well as Meerut and Ghaziabad in Uttar Pradesh. These properties are owned by M/s ADEL Landmarks Ltd. and its associated and subsidiary companies.

The ED initiated its investigation based on 74 FIRs registered and charge sheets filed by the Haryana Police, Delhi Police and the Economic Offences Wing (EOW), Delhi.

According to the FIRs, M/s ADEL Landmarks Ltd., its promoters and associated entities allegedly cheated and defrauded thousands of homebuyers by failing to deliver promised flats and housing units within stipulated timelines, with delays ranging from 12 to 19 years, the statement said.

The ED investigation revealed that the company had launched multiple residential group housing projects between 2006 and 2012 in Gurugram, Faridabad and Palwal in Haryana.

These included eight projects -- Cosmocourt, Cosmocity-I, Cosmocity-III, Skyville, Redwood Residency, Era Green World, Era Divine Court and ADEL Divine Court.

During the ED investigation, it was found that the company collected approximately Rs 1,075 crore as booking amounts from 4,771 customers across these projects, all of which remain incomplete to date.

Further investigation showed that the promoters and directors diverted substantial portions of the funds collected from homebuyers to group companies in the form of advances for land purchases and other purposes, instead of utilising the money for completion of the housing projects.

This diversion allegedly resulted in the non-delivery of flats and plots.

The probe also revealed that aggrieved customers seeking refunds were issued cheques by the company, many of which were dishonoured for various reasons.

Additionally, the company allegedly unilaterally altered project plans and reduced the originally licensed land areas, leading to the denial of basic amenities that were initially promised to buyers.

The ED further found that the promoters had availed term loans for project development by mortgaging project land to banks without informing homebuyers.

Further investigation into the case is underway.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor