The ED has alleged in its chargesheet that the accused duped innocent buyers by promising them to deliver flats, plots, and commercial spaces.
The Enforcement Directorate 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), in a case related to fraud committed against various homebuyers and investors.
The Gurugram court has taken cognisance of the ED’s chargesheet. 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.
The ED has alleged in its chargesheet that the accused duped innocent buyers by promising them to deliver flats, plots, and commercial spaces. However, they failed to deliver the projects.
“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.
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.
“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.
The ED had earlier attached assets worth Rs 2,045 crore in the case at hand.
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