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ED Returns Rs 650 Crore Properties to 2,312 Homebuyers in SRS Fraud Case

The Enforcement Directorate has restored immovable properties worth approximately Rs 650 crore to 2,312 genuine homebuyers in the SRS Group money laundering case, following a special PMLA court order. This restitution includes flats and plots across multiple SRS projects, bringing the total value of properties returned in the case to around Rs 670 crore. The investigation was initiated based on 81 FIRs alleging the group cheated investors and banks of about Rs 2,200 crore by promising high returns. The ED's action marks a significant step in securing justice for thousands affected by the alleged fraud.

Key Points: ED Restores Rs 650 Cr Properties to SRS Group Homebuyers

  • Rs 650 crore properties restored
  • 2,312 genuine homebuyers benefited
  • PMLA court Gurugram order
  • Total restitution now Rs 670 crore
  • Probe based on 81 FIRs
2 min read

ED restitute Rs 650 crore properties to genuine homebuyers in SRS case

Enforcement Directorate returns properties worth Rs 650 crore to 2,312 genuine buyers in SRS Group money laundering case following PMLA court order.

"proceeds of crime are returned to rightful claimants - Enforcement Directorate"

New Delhi, March 18

The Enforcement Directorate has restored immovable properties worth about Rs 650 crore to 2,312 genuine homebuyers in connection with the money laundering probe against the SRS Group, officials said on Wednesday.

The restitution was carried out following an order dated March 11 by the special Prevention of Money Laundering Act (PMLA) court in Gurugram, allowing the return of attached properties to legitimate claimants who had suffered losses due to the alleged fraud.

According to the ED, the restored assets include flats and plots in several SRS Group projects 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.

Officials said the action was taken to ensure that "proceeds of crime" are returned to rightful claimants after verification of claims filed by affected homebuyers.

Earlier in the case, the ED had restituted 78 flats worth about Rs 20.15 crore to genuine homebuyers. With the latest order, the total value of properties restored in the case has reached around Rs 670 crore.

The money laundering investigation against the SRS Group was initiated on the basis of 81 FIRs registered by police in Faridabad and Delhi, as well as by the CBI, alleging that the group cheated investors and banks of around Rs 2,200 crore.

According to the ED, the group allegedly lured investors and homebuyers by promising high returns on investments in residential and commercial projects. The funds collected were allegedly routed through hundreds of shell companies and subsequently laundered.

The agency had earlier issued a provisional attachment order for assets worth over Rs 2,215 crore in the case and filed a prosecution complaint before the PMLA court in Gurugram.

Officials said the latest restitution will pave the way for returning attached properties to other genuine claimants, including banks and financial institutions, and marks a significant step towards securing justice for thousands of homebuyers affected by the alleged fraud.

- IANS

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Reader Comments

S
Sarah B
While this is positive news, it's only Rs 650 crore out of the alleged Rs 2,200 crore fraud. What about the remaining homebuyers and banks? The article says this "paves the way," but the pace needs to be much faster. People's lives and savings are stuck.
A
Arjun K
Finally some justice! These builders operate with impunity, making big promises and then vanishing with hard-earned money. The use of hundreds of shell companies shows how planned this fraud was. Strong action needed against the promoters to set an example.
P
Priya S
My cousin was affected in the SRS City project. The mental trauma their family went through is unimaginable. They paid their life savings. Hope this court order is implemented quickly on ground. ED and RERA need to work together more proactively to prevent such scams.
V
Vikram M
This is a good step, but the system is still reactive. We need stronger pre-emptive checks before projects are launched. How did they manage to route money through so many shell companies? The focus should be on preventing such frauds, not just recovering money after years of litigation.
K
Kavya N
A ray of hope for many! 🎉 The real estate sector needs this kind of accountability. It restores a little faith in the system. Now, the same urgency is needed for dozens of other stuck projects across NCR and other cities. Homebuyers are not investors looking for high returns, they just want a roof over their head.

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