A special Gurugram court has ordered restitution of properties worth about ₹650 crore to 2,312 home buyers in the case of SRS Group, which is being investigated by the Enforcement Directorate.
The properties are in the form of flats and plots. The case pertains to the projects launched by SRS Group such as SRS City, SRS Pearl Floor, SRS Pearl Tower, SRS Residency, SRS Royal Hills, SRS Prime Floor, SRS Pearl Unity, SRS Affordable Housing Project, SRS Pearl Height and SRS Retreat Farms.
The ED had initiated its probe under the Prevention of Money Laundering Act against SRS Group based on 81 cases registered by the police in Delhi, Haryana’s Faridabad, and the Central Bureau of Investigation.
The Group, which is in the business of real estate and financing, has been accused of cheating investors and banks to the tune of ₹2,200 crore.
According to the ED, the accused persons and entities lured investors on the promise of high returns. “Funds from such investments were deposited in hundreds of shell companies created by SRS Group and were subsequently laundered off. A Provisional Attachment Order of ₹2,215.98 crore had already been issued in this case,” it said.
