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The Enforcement Directorate has chargesheeted 41 accused in a housing fraud case involving over ₹1,075 crore from homebuyers.
Who Has Been Named in the Chargesheet?
The Enforcement Directorate (ED) has filed a prosecution complaint against 41 individuals and entities in connection with an alleged housing fraud involving ADEL Landmarks and its associated companies. The complaint was submitted before the Special Judge under the Prevention of Money Laundering Act (PMLA) in Gurugram.
Those named include ADEL Landmarks and its then directors, Hem Singh Bharana and Sumit Bharana. According to the ED, the company and its promoters allegedly collected substantial payments from homebuyers without delivering the promised residential units. Following the filing of the chargesheet, the Special Court issued notices to all accused persons and entities on November 3.
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How Were Thousands of Homebuyers Affected?
The ED investigation originated from 74 FIRs and chargesheets filed by police in Haryana and Delhi, including the Economic Offences Wing. These cases alleged that the company, its promoters and associated entities cheated homebuyers by failing to complete residential projects despite delays extending from 12 to 19 years.
Investigators found that ADEL Landmarks launched several housing projects across Gurugram, Faridabad and Palwal between 2006 and 2012. The company allegedly collected more than ₹1,075 crore in booking advances from 4,771 customers. Projects including Cosmocourt, Cosmocity-L, Cosmocity-III, Skyville, Redwood Residency, Era Green World, Era Divine Court and ADEL Divine Court remain incomplete.
Where Did the Homebuyers’ Money Go?
According to the ED, substantial amounts collected from buyers were allegedly diverted to group companies instead of being used to complete the promised housing projects. Investigators said the transfers were recorded as advances for purchasing land parcels and for other purposes.
The agency alleged that the diversion of funds contributed to the failure to deliver booked flats, plots and residential units. The investigation examined financial transactions involving the company, its former directors and associated entities to establish how money collected for housing construction was utilised.
What Action Has the ED Taken Against the Properties?
The ED previously attached immovable properties valued at ₹585.46 crore in connection with the investigation. These included plots and land parcels covering approximately 340 acres across Gurugram, Faridabad, Palwal and Bahadurgarh in Haryana, along with Meerut and Ghaziabad in Uttar Pradesh.
According to the agency, the properties were held by the accused company and related entities and were identified as proceeds of crime under the PMLA, 2002. The ED has also sought confiscation of these assets through its prosecution complaint before the Special Court.
The case concerns allegations of prolonged non-delivery of housing units despite substantial payments collected from thousands of buyers. With the prosecution complaint filed and notices issued, the proceedings will now examine the allegations against the accused individuals and entities under the money laundering law.
The investigation also brings attention to the alleged diversion of housing project funds and the financial consequences faced by buyers who invested in residential developments that remain unfinished years after their launch.
