Chairman of SRS Group of Companies on the radar of AML watchdog. In a case involving fraud committed against various homebuyers and investors, the Directorate of Enforcement (ED) has filed a Prosecution Complaint against 19 accused persons/entities, including Anil Jindal, Chairman of the SRS Group of Companies, Directors Jitender Kumar Garg, Praveen Kumar Kapoor, Vinod Jindal, and Others, under the Prevention of Money-laundering Act (PMLA), 2002. On October 31, 2022, the Ld. Special Court in Gurugram took the prosecution’s allegation under consideration.
Who filed the complaint?
Based on 81 FIRs filed at various Police Stations in Faridabad and Delhi against the accused under various sections of the Indian Penal Code (IPC), 1860, ED opened a money laundering probe.
What is Fraud Committed against Homebuyers and Investors?
According to the ED investigation, the defendants defrauded susceptible clients by promising to provide flats, plots, business spaces, etc. but did not complete the projects. Additionally, mortgages were placed on real estate developments to get financing from banks and other financial entities. However, because the loans were not utilised as anticipated and were in default, they eventually became NPAs.
The accused SRS Group members also enticed investors with promises of unsustainable returns in the form of extremely high interest or jewellery on their money. Only a few months’ interest was paid on these investments before the accused provided investors with post-dated checks that were not honoured. The money generated from the buyers/investors was piled into several SRS Group-created shell companies, and then it was syphoned off to buy assets in people’s names and the names of corporations controlled by them. Up to this point, 2215.98 crores of rupees have been established as the case’s overall proceeds of crime.
A Provisional Attachment Order was previously granted and documented by Ld., attaching some of the accused’s possessions. Adjudicating Authority with a value of Rs. 2045.6 Crore. In this scenario, more research is now being conducted.
