Major Crackdown On Haryana-based Realty Firm; Assets Worth 2,500 Cr Attached
NEW DELHI: In yet another crackdown on real estate players, the Enforcement Directorate (ED) has attached movable and immovable assets worth around Rs 2,511 crore of the Haryana-based SRS Group in relation to a money laundering and fraud case.
Various land parcels, commercial real estate projects, residential properties, cinema halls, schools, bank accounts and fixed deposits have been attached, the ED said in a statement.
"Movable and immovable assets of the SRS Group, its promoters, their family members and associate companies," the ED said.
A provisional order for attachment of the assets has been issued under the Prevention of Money Laundering Act (PMLA).
The real estate company has allegedly made fraudulent commitments to people of giving very high returns in the name of investments in properties such as plots, shops, flats, schools, apartments etc.
There have been several FIRs against the Group and its promoters filed in Faridabad. The ED is also looking at charge-sheets filed by Haryana Police and also the FIR filed by Delhi Police.
The money collected from different investors in plots, shops, apartments etc were allegedly siphoned off by the promoters of SRS Group - Jitender Kumar Garg, Praveen Kumar Kapoor and Anil Jindal into other group firms through a maze of shell companies that were set up by the promoters themselves.