- Penalty imposed on Adel Landmark and its promoters
- The company raised more than 51 crore rupees
Jul 01, 2020, 01:38 PM IST
Mumbai. Capital market regulator Sebi has imposed a penalty of 25 lakh rupees on seven people on charges of fraud. The order has been placed in a 26-page order issued late Tuesday. The seven people charged with this penalty include Adele Landmark besides its directors Rakesh Gupta, Sumit Bharana, Arvind Kumar Birla, Rashmi Bharana, Sanjay Chawla and Manisha Bharana.
Company took money by showing plot in Gurgaon
According to SEBI, Adele Landmark started booking for plots in Gurgaon. Through this, the company raised crores of rupees from investors. But the company failed to return this money in due time. When SEBI investigated it on the complaint, it was found that the company works to raise money from people. It is a kind of Collective Investment Scheme (CIS). SEBI said that on January 28, these people were given show cause notices, but these people failed to give the correct answer.
All companies were promoted by Adele.
SEBI found in investigation that Adele had applied for a license of 108 acres from UBA Realtech. This included 8 more group companies with Adele. All these companies were either Adel's subsidiaries or other promoter companies. As per the list submitted by the company, under its 'pre-booking of plots' scheme, it has 108 customers to whom it has paid Rs 50,52,28,939 (including compensation) and still has to pay Rs 14,86,24,193. .
The company had promised to return the money in lieu of the land
SEBI found in investigation that customers applied for Dwarka Express Way here, while there was no mention of any such place in the registration of the company. The company had told the customers that if it could not give the land, they would return the money with interest. This proved to be a collective scheme. SEBI's investigation revealed that the company had raised Rs 51 crore from a total of 500 investors. Of this, 432 were mobilized from group housing projects and 108 plated schemes.