ED files charge sheet against SRS Group, chairman under PMLA for fraud worth Rs.2,215 cr

ED’s charge sheet reads that the accused duped innocent buyers by promising them to deliver flats, plots, and commercial spaces

PGurus Newsdesk

November 4, 2022

ED’s charge sheet reads that the accused duped innocent buyers by promising them to deliver flats, plots, and commercial spaces

ED files charge sheet against 19 in Rs.2,215.98 cr fraud case

In a case related to fraud committed against various homebuyers and investors, the Enforcement Directorate (ED) has filed a prosecution complaint against 19 accused persons and entities, including the chairman of SRS Group of Companies, Anil Jindal, and directors Jitender Kumar Garg, Praveen Kumar Kapoor, and Vinod Jindal. The individuals have been booked under the Prevention of Money Laundering Act (PMLA).

The ED has said in its charge sheet that the accused duped innocent buyers by promising them to deliver flats, plots, and commercial spaces. However, they failed to deliver the projects.

The accused persons of SRS Group, according to officials, also lured investors to invest in SRS Group Ponzi schemes with unsustainable returns in the form of very high interest or jewellery on their investments. The interest on such investments was paid only for a few months and later, the accused gave post-dated cheques to investors, which were not honoured.

The Gurugram court has taken cognizance of the ED’s charge sheet. The ED had initiated a money laundering investigation on the basis of 81 FIRs under various sections of the Indian Penal Code (IPC), registered at various police stations across Faridabad and Delhi against the accused.

“Further, the real estate projects were mortgaged to avail loans from banks and other financial institutions. However, loans were not used for the intended purposes and were defaulted, eventually turning into non-performing assets (NPA),” the ED said.

“Funds so accumulated from the buyers/ investors were layered into a number of shell companies created by SRS Group and were subsequently siphoned off to acquire assets in personal names and in the name of entities controlled by them. The total proceeds of crime identified in the case till now stand at Rs.2215.98 crore,” added the ED.

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