ED's Big Win: Rs 650 Crore Restored to SRS Homebuyers

The Enforcement Directorate has recovered Rs 650 crore in assets for over 2,300 home buyers as part of a money laundering probe against the SRS Group. The probe revealed that the group's executives deceived investors, and funds ended up in shell companies, leading to legal action.

The Enforcement Directorate has achieved a significant victory by restoring immovable assets worth Rs 650 crore to more than 2,300 home buyers. The action is part of an extensive investigation into money laundering activities tied to the Faridabad-based real estate company, SRS Group, according to officials.

The restoration was made possible through a special provision in the Prevention of Money Laundering Act (PMLA) in Gurugram, giving the federal agency the necessary legal backing. The Gurugram zonal office has succeeded in returning the assets belonging to 2,312 genuine buyers who were purportedly misled by the company's promises of high returns.

Accusations against SRS Group include funneling funds obtained from investors into numerous shell companies, thereby laundering the money. Earlier this year, a PMLA court declared two promoters and directors, Sunil Jindal and Jitender Kumar Garg, as fugitive economic offenders under the FEO Act, marking a major breakthrough in the ongoing case.

(With inputs from agencies.)