The Enforcement Directorate delivered a body blow to fraudulent real estate practices today, attaching ₹585 crore in assets of Adel Landmarks promoters. This sweeping action targets a syndicate accused of orchestrating one of Mumbai’s largest homebuyer swindles, affecting over 2,000 families.
What began as glittering brochures promising ‘homes for the new India’ turned into a nightmare for investors. Projects like Adel Heights and Landmark Greens saw token groundwork before funds dried up. Forensic audits by ED uncovered that 70% of collections—roughly ₹700 crore—never reached project accounts.
Seized properties span Mumbai’s glittering skyline: high-value apartments in Bandra, office spaces in Andheri, and vacation homes in Alibaug. Bank seizures include ₹120 crore in current accounts and ₹200 crore in mutual funds. Luxury vehicles, including three Rolls Royces, are also impounded.
Under PMLA provisions, these attachments are provisional, pending adjudication. ED’s predecessor investigation by Mumbai Police revealed forged bank guarantees and circular trading to inflate project valuations. Promoters allegedly lived large, hosting Bollywood bashes while buyers protested on streets.
Victim testimonies are heartbreaking. Retirees, NRIs, and middle-class families spoke of shattered dreams. ‘We sold our ancestral land for this flat that exists only on paper,’ lamented a senior citizen. Legal eagles predict this could culminate in a special court trial with asset liquidation for buyer compensation.
The scandal underscores the need for escrow compliance and third-party audits in realty. With similar cases against other developers, regulators are scrambling to restore faith. ED vows to pursue every rupee traced abroad, signaling zero tolerance for white-collar crime in housing.