In a major crackdown on real estate fraud, the Enforcement Directorate (ED) has attached properties worth ₹585 crore belonging to Adel Landmarks, a prominent Mumbai-based developer. The action comes amid allegations of massive cheating of homebuyers who were duped of their hard-earned money through unfulfilled promises of luxury apartments.
The ED’s investigation revealed a complex web of financial irregularities. Promoters of Adel Landmarks allegedly collected over ₹1,000 crore from thousands of buyers between 2015 and 2020 for projects in prime locations like Goregaon and Kandivali. Despite receiving substantial funds, the company failed to deliver the promised homes, leaving buyers in limbo for years.
Key accused individuals, including directors and associates, are said to have siphoned off funds through shell companies and benami transactions. Luxury cars, high-end properties in Mumbai and Goa, and even overseas investments have been traced back to the fraudsters. The attached assets include multiple residential and commercial properties, bank balances, and fixed deposits totaling ₹585 crore.
This is part of ED’s ongoing probe under the Prevention of Money Laundering Act (PMLA). Sources indicate that raids conducted earlier this year uncovered digital trails and documents proving the diversion of buyer funds for personal enrichment rather than project development.
Homebuyers, many of whom invested their life savings, have welcomed the move. ‘We’ve been fighting for justice for five years. This attachment is a step forward,’ said one affected buyer from the Adel Ascent project. Regulatory bodies like RERA have also been pursuing cases against the developer, but ED’s intervention has brought renewed hope.
The case highlights systemic issues in India’s real estate sector, where buyer money often fuels developers’ lavish lifestyles instead of construction. With over 50 FIRs filed and hundreds of complaints pending, the ED’s action could set a precedent. Investigations continue, with potential arrests on the horizon as the agency digs deeper into the money trail.