Breaking: Enforcement Directorate strikes hard against Adel Landmarks in a landmark anti-fraud operation, attaching assets valued at ₹585 crore. The move freezes ill-gotten gains from a multi-crore homebuyer cheat that has rocked Mumbai’s property market.
From 2014-2019, Adel Landmarks raised ₹1,200 crore promising upscale residences in fast-developing suburbs. Buyers faced endless delays, with some projects abandoned entirely. ED sleuths, following a money laundering trail, mapped fund flows to Dubai properties, Singapore bank accounts, and domestic luxury splurges.
The asset dragnet captures a diverse empire: 12 land parcels totaling 25 acres, 350 unsold units, ₹80 crore in receivables, and high-end watches/jewelry collections. Provisional attachment orders ensure no sale or transfer while courts decide final confiscation.
This escalation follows 18-month probe triggered by buyer petitions to National Consumer Forum. Digital forensics revealed WhatsApp groups used for fake progress reports, while actual money funded directors’ NRI relatives and film productions.
Market reaction is swift—Adel shares (unlisted) tumbled in grey markets, and partner banks wrote off loans. Buyer forums hail ED as ‘true regulator when RERA fails.’ One group leader noted, ‘Finally, someone is holding them accountable beyond slaps on wrist.’
Broader implications loom for sector reforms: mandatory project bank guarantees, buyer advisory councils, and AI monitoring of fund flows. With lookout notices issued, the manhunt intensifies. This case may redefine deterrence in India’s beleaguered realty space.