The Enforcement Directorate (ED) on Saturday said it has provisionally attached hundreds of acres of land worth ₹585 crore in Haryana and Uttar Pradesh in a money-laundering case against a Delhi-NCR-based real estate firm accused of duping homebuyers.
The probe is against ADEL Landmarks Ltd. (formerly Era Landmarks Ltd.) and its promoters Hem Singh Bharana and Sumit Bharana.
An order was issued on Friday under the Prevention of Money Laundering Act for the provisional attachment of 340 acres of land located in Gurugram, Faridabad, Palwal and Bahadurgarh in Haryana, and Meerut and Ghaziabad in Uttar Pradesh. The total value of the attached properties is ₹585.46 crore.
The case stems from 74 FIRs and chargesheets filed by Haryana and Delhi police, alleging that the company and its promoters cheated numerous homebuyers by failing to deliver promised flats and units even after delays ranging from 12 to 19 years.
According to the ED, the company launched several residential group housing projects between 2006 and 2012 in Gurugram, Faridabad and Palwal, collecting ₹1,075 crore as advance booking amounts from 4,771 customers across eight projects. These projects remain incomplete, it said.
The probe found that substantial funds collected from homebuyers were diverted to group companies and other purposes, rather than being used for project completion, resulting in the non-delivery of flats and plots.