Special Court Orders Return Of Rs 650 Cr SRS Properties To 2,312 Homebuyers In PMLA Ruling

In a significant relief to homebuyers, a Special Court under the Prevention of Money Laundering Act (PMLA) in Gurugram has ordered the restitution of immovable properties worth Rs 650 crore to 2,312 genuine buyers in the SRS Group case.

The order, passed on March 11 by the Special Judge, PMLA, paves the way for returning flats and plots across multiple projects developed by the SRS Group.

These include 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.

The case stems from an extensive probe by the Enforcement Directorate (ED), which initiated an investigation based on 81 FIRs registered across Faridabad, Delhi, and by the Central Bureau of Investigation (CBI).

The SRS Group has been accused of defrauding investors and banks of approximately Rs 2,200 crore.

As per ED, the group, engaged in real estate and financing, allegedly duped homebuyers, plot purchasers, banks, and financial institutions through fraud, criminal conspiracy, and breach of trust. Investigations revealed that investors were lured with promises of high returns and attractive residential and commercial projects.

The agency further found that funds collected from investors were routed through hundreds of shell companies created by the group and subsequently laundered. A provisional attachment order worth Rs 2,215.98 crore had earlier been issued in the case.

The ED also filed a prosecution complaint on August 29, 2022, and the Special Court took cognisance on October 31, 2022. Charges were formally framed against the accused on November 3, 2025.

Officials said the latest order marks a crucial step toward justice, enabling restoration of attached properties to other legitimate claimants, including banks and financial institutions.

In related developments, three accused, Praveen Kumar Kapoor, Sunil Jindal, and Jitender Garg — were earlier declared proclaimed offenders. The ED had sought assistance from Interpol to issue Red Corner Notices.

Following such a notice, Kapoor was denied entry at Newark International Airport in the United States and deported to India on November 2, 2025. He is currently lodged in Neemka Jail in Faridabad. Meanwhile, Jindal and Garg have been declared fugitive economic offenders by the court as of January 15 this year.

Earlier, the ED had facilitated the return of 78 flats worth Rs 20.15 crore to homebuyers. With the latest order, the total value of restored properties in the case has reached approximately Rs 670 crore.

The trial in the matter is currently underway. (ANI)