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The Enforcement Directorate (ED) has restored immovable assets valued at about INR 650 crore to more than 2,300 homebuyers affected by stalled projects of Faridabad-based SRS Group. The restitution, enabled through provisions of the Prevention of Money Laundering Act (PMLA), followed verification of claims submitted by buyers who had invested in various residential and commercial developments. A special PMLA court in Gurugram permitted the restoration after establishing that the claimants were genuine purchasers without links to the alleged offences. The properties include flats and plots across multiple SRS developments in Haryana. The action forms part of an ongoing investigation into alleged financial irregularities and diversion of funds by the developer's promoters, which had left several housing projects incomplete and thousands of buyers in uncertainty.
The Enforcement Directorate (ED) has restored immovable properties worth approximately INR 650 crore to 2,312 homebuyers linked to stalled projects of the SRS Group, following orders issued by a special court under the Prevention of Money Laundering Act (PMLA) in Gurugram in the past week. The assets were returned after authorities verified claims submitted by buyers who had invested in projects developed by the Faridabad-based real estate company and were affected by an ongoing money laundering investigation. Advertisement
The restitution was carried out by the ED's Gurugram zonal office, which had attached several assets during the course of its probe into alleged financial misconduct by the group's promoters and executives. Officials indicated that the process aimed to return properties to legitimate buyers whose investments had been impacted after projects were halted due to enforcement action and legal proceedings.
According to investigators, the SRS Group allegedly collected funds from investors and homebuyers by offering high returns on investments linked to residential and commercial developments. Authorities alleged that the money raised from these investments was subsequently routed through numerous shell entities created by the group and then laundered.
The restored assets include flats and plots located across multiple SRS 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. These developments are primarily located in the Faridabad and Palwal regions of Haryana, where a large number of buyers had invested in housing units before the projects stalled.
The ED initiated its investigation under the PMLA on the basis of numerous first information reports registered by police authorities and other agencies in connection with alleged cheating and diversion of funds. These complaints were filed across police stations in Faridabad and Delhi and included cases registered by the Central Bureau of Investigation.
During the investigation, the agency attached assets valued at more than INR 2,200 crore linked to the group. Chargesheets were subsequently filed before the special PMLA court in Gurugram, which took cognisance of the case and framed charges against the accused individuals.
Legal proceedings in the case have also led to action against key promoters. Earlier this year, two directors of the group, Sunil Jindal and Jitender Kumar Garg, were declared fugitive economic offenders under the Fugitive Economic Offenders Act, while other accused individuals have faced prosecution in connection with the alleged fraud.
Officials indicated that the restitution order marks a significant stage in the investigation, enabling verified homebuyers to regain ownership of properties that had been attached during the probe. Authorities added that the process could facilitate further restoration of assets to other legitimate claimants, including banks and financial institutions, as the investigation and legal proceedings continue.
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