Mumbai’s realty landscape faces another jolt as the Enforcement Directorate attaches ₹585 crore worth of assets linked to Adel Landmarks. The probe exposes a brazen scam where desperate homebuyers were lured with dreams of dream homes, only to be left with worthless promises and mounting EMIs.
Adel Landmarks, once touted as a rising star in affordable luxury housing, promoted high-rise projects promising world-class amenities. Buyers shelled out crores in advances, but construction stalled midway. ED documents show funds were routed through over 20 layered companies, ultimately landing in promoters’ personal accounts for yachts, farmhouses, and stock market gambles.
The attached portfolio is staggering: 15 prime plots in Mumbai suburbs, 200+ flats under construction, gold jewelry worth ₹50 crore, and demat accounts holding blue-chip shares. This seizure freezes the fraudsters’ ability to dissipate assets while the investigation unfolds.
ED’s FIR stems from multiple police complaints registered under IPC sections for cheating and criminal breach of trust. The agency has recorded statements from over 500 victims, painting a picture of systematic deceit involving fake project updates and forged completion certificates.
Industry experts call this a wake-up call for stricter oversight. ‘RERA was supposed to protect buyers, but enforcement gaps allow such ponzi-like schemes to thrive,’ noted a senior realtor. Meanwhile, the Real Estate Regulatory Authority has de-registered several Adel projects, redirecting funds to complete select towers.
As the noose tightens, promoters are reportedly absconding. ED teams are coordinating with international agencies to track overseas remittances exceeding ₹100 crore. For homebuyers, this ED hammer blow offers the first real chance at recovery, though the road to possession remains long and uncertain.
