Daijiworld Media Network - New Delhi
New Delhi, Mar 18: The Enforcement Directorate (ED) has restored immovable properties worth around Rs 650 crore to 2,312 genuine homebuyers in connection with its money laundering investigation against the SRS Group, officials said on Wednesday.
The restitution follows an order issued on March 11 by a special court under the Prevention of Money Laundering Act (PMLA) in Gurugram, which permitted the return of attached assets to verified claimants who had suffered losses due to the alleged fraud.
According to the agency, the restored properties include flats and plots across multiple 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 step was taken to ensure that the “proceeds of crime” are returned to rightful claimants after careful verification of claims submitted by affected homebuyers.
Earlier in the case, the ED had restored 78 flats worth about Rs 20.15 crore to legitimate buyers. With the latest order, the total value of properties returned to victims has now reached approximately Rs 670 crore.
The investigation into the SRS Group began after 81 FIRs were registered by police in Faridabad and Delhi, along with cases filed by the Central Bureau of Investigation. The complaints alleged that the group cheated investors and banks of nearly Rs 2,200 crore.
According to the ED, the company allegedly attracted investors and homebuyers by promising high returns on residential and commercial projects. The funds collected were then reportedly routed through hundreds of shell companies and subsequently laundered.
In the course of the probe, the agency had issued provisional attachment orders for assets worth more than Rs 2,215 crore and filed a prosecution complaint before the PMLA court in Gurugram.
Officials said the latest restitution order is expected to facilitate the return of more attached properties to other legitimate claimants, including banks and financial institutions, and represents a significant step toward providing relief to thousands of homebuyers affected by the alleged fraud.