New Delhi: Enforcement Directorate has successfully restored immovable properties worth ₹650 crore to 2,312 genuine homebuyers allegedly defrauded by SRS group, people in the know said. It has prosecuted the Faridabad-based realty group under the Prevention of Money Laundering Act for allegedly cheating and defrauding investors, homebuyers and various public sector banks to the tune of ₹2,216 crore. ED is trying to verify remaining claims of homebuyers along with the claims of banks and other institutions, people quoted above said.
"Prosecution proceedings against the accused are continuing before a special court, and further necessary action is being taken for attachment, recovery and confiscation of proceeds of crime as well as for securing the presence of absconding accused persons," an officer told ET.
He added PMLA probe has "established that the group operated a fraudulent investment model involving large-scale diversion and laundering of funds collected from investors and financial institutions". Simultaneously, he added, ED has taken steps, in compliance with judicial directions, to safeguard the interests of genuine homebuyers by facilitating restoration of properties.
Earlier, the agency had secured non-bailable warrants against the accused - Sunil Jindal, Jitender Kumar Garg and Praveen Kumar Kapoor - after they failed to join the probe. ED moved court and got them declared as proclaimed offenders on June 6, 2025. Further proceedings under the Fugitive Economic Offenders Act, 2018, were initiated against them. Jindal and Kapoor were declared fugitive economic offenders on January 15 this year.
Kapoor was detained at Newark Airport, USA, pursuant to a red corner notice (RCN) issued against him by ED and brought to India on November 1, 2025. He is currently lodged in Neemka Jail, Faridabad. ED probe has revealed that another co-accused is living in Georgia. The agency has initiated his extradition process, people quoted above told ET.
In this case, 81 FIRs were filed by Delhi's economic offences wing and CBI against SRS group, its CMD and others for allegedly cheating and defrauding investors, homebuyers and various public sector banks. ED has claimed that funds collected from investors were routed through a network of shell companies and layered across multiple bank accounts to conceal their origin and ownership.
"By adopting such layering mechanisms, the group artificially inflated its bank balances and manipulated financial statements, thereby projecting a false financial position. Based on these inflated financials, substantial loans were availed from public sector and private sector banks. These loans were ostensibly taken for development and construction of real estate projects. However, the underlying properties offered as collateral were acquired from proceeds of crime," said another official.
"Prosecution proceedings against the accused are continuing before a special court, and further necessary action is being taken for attachment, recovery and confiscation of proceeds of crime as well as for securing the presence of absconding accused persons," an officer told ET.
He added PMLA probe has "established that the group operated a fraudulent investment model involving large-scale diversion and laundering of funds collected from investors and financial institutions". Simultaneously, he added, ED has taken steps, in compliance with judicial directions, to safeguard the interests of genuine homebuyers by facilitating restoration of properties.
Earlier, the agency had secured non-bailable warrants against the accused - Sunil Jindal, Jitender Kumar Garg and Praveen Kumar Kapoor - after they failed to join the probe. ED moved court and got them declared as proclaimed offenders on June 6, 2025. Further proceedings under the Fugitive Economic Offenders Act, 2018, were initiated against them. Jindal and Kapoor were declared fugitive economic offenders on January 15 this year.
Kapoor was detained at Newark Airport, USA, pursuant to a red corner notice (RCN) issued against him by ED and brought to India on November 1, 2025. He is currently lodged in Neemka Jail, Faridabad. ED probe has revealed that another co-accused is living in Georgia. The agency has initiated his extradition process, people quoted above told ET.
In this case, 81 FIRs were filed by Delhi's economic offences wing and CBI against SRS group, its CMD and others for allegedly cheating and defrauding investors, homebuyers and various public sector banks. ED has claimed that funds collected from investors were routed through a network of shell companies and layered across multiple bank accounts to conceal their origin and ownership.
"By adopting such layering mechanisms, the group artificially inflated its bank balances and manipulated financial statements, thereby projecting a false financial position. Based on these inflated financials, substantial loans were availed from public sector and private sector banks. These loans were ostensibly taken for development and construction of real estate projects. However, the underlying properties offered as collateral were acquired from proceeds of crime," said another official.
