New Delhi, Jan 10 (NationPress) The Gurugram Zonal Office of the Directorate of Enforcement (ED) has provisionally attached immovable assets valued at approximately Rs 585.46 crore linked to a money laundering investigation concerning M/s ADEL Landmarks Ltd. (previously M/s Era Landmarks Ltd.) and its promoters, Hem Singh Bharana and Sumit Bharana, as stated in an official announcement on Saturday.

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

The assets under attachment include various plots and parcels of land totaling around 340 acres, spread 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 affiliated and subsidiary firms.

The ED commenced its inquiry based on 74 FIRs filed and charge sheets presented by Haryana Police, Delhi Police, and the Economic Offences Wing (EOW) in Delhi.

As detailed in the FIRs, M/s ADEL Landmarks Ltd., along with its promoters and associated entities, allegedly deceived thousands of homebuyers by failing to deliver promised flats and housing units within the agreed-upon timelines, resulting in delays ranging from 12 to 19 years.

The investigation by the ED revealed that the company had initiated numerous 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 investigation, it was uncovered that the company amassed around Rs 1,075 crore as booking fees from 4,771 customers for these projects, which have all remained incomplete to this day.

Further inquiry indicated that the promoters and directors diverted significant amounts of the funds collected from homebuyers to group companies as advances for land acquisitions and other uses, rather than applying the money towards the completion of housing projects.

This diversion allegedly led to the failure to deliver flats and plots.

The probe also disclosed that disgruntled customers requesting refunds were issued cheques by the company, many of which were dishonored for various reasons.

Moreover, the company is accused of unilaterally modifying project plans and reducing the originally approved land areas, which resulted in the denial of essential amenities that were initially promised to buyers.

The ED further discovered that the promoters had obtained term loans for project development by mortgaging project land to banks without notifying homebuyers.

The investigation into the case is ongoing.