ED returns 78 flats to buyers from SRS Group's projects
Real Estate

ED returns 78 flats to buyers from SRS Group's projects

The Enforcement Directorate (ED) has begun the restitution process for 78 flats, valued at over Rs 200 million, to homebuyers who were allegedly defrauded by the SRS Group. This move follows an order from the Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) on August 12, which allowed the ED to return these flats from the SRS Pearl, SRS City, and SRS Prime projects to their rightful owners.

In January 2020, the ED had provisionally attached assets worth Rs 22.15 billion from the SRS Group in connection with a money laundering investigation. The case involved allegations that the SRS Group received payments for residential units but failed to transfer ownership to the buyers.

The attached properties were initially registered in the SRS Group's name, and the attachment was partially confirmed by the Adjudicating Authority of the PMLA. The ED challenged this decision, and the case was later reviewed by the Punjab and Haryana High Court and the Supreme Court. These courts directed the ED to verify the legitimacy of the claimants to ensure the restitution of flats.

Following a comprehensive verification process, the ED has issued no objection certificates (NOCs) for the registration of these flats to the genuine buyers. Verification for other buyers from SRS Group projects who have yet to receive possession is ongoing.

Recently, a similar restitution order was made by a Kolkata-based PMLA court for Rs 120 million in a Ponzi fraud case involving the Rose Valley group. The ED has also previously restituted over Rs 150 billion to public sector banks in cases involving Vijay Mallya and Nirav Modi.

Under Section 8(8) of the PMLA, if properties are confiscated by the central government, special or higher courts can direct the return of these properties to legitimate claimants who have suffered a quantifiable loss due to money laundering offenses. (ET)

The Enforcement Directorate (ED) has begun the restitution process for 78 flats, valued at over Rs 200 million, to homebuyers who were allegedly defrauded by the SRS Group. This move follows an order from the Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) on August 12, which allowed the ED to return these flats from the SRS Pearl, SRS City, and SRS Prime projects to their rightful owners. In January 2020, the ED had provisionally attached assets worth Rs 22.15 billion from the SRS Group in connection with a money laundering investigation. The case involved allegations that the SRS Group received payments for residential units but failed to transfer ownership to the buyers. The attached properties were initially registered in the SRS Group's name, and the attachment was partially confirmed by the Adjudicating Authority of the PMLA. The ED challenged this decision, and the case was later reviewed by the Punjab and Haryana High Court and the Supreme Court. These courts directed the ED to verify the legitimacy of the claimants to ensure the restitution of flats. Following a comprehensive verification process, the ED has issued no objection certificates (NOCs) for the registration of these flats to the genuine buyers. Verification for other buyers from SRS Group projects who have yet to receive possession is ongoing. Recently, a similar restitution order was made by a Kolkata-based PMLA court for Rs 120 million in a Ponzi fraud case involving the Rose Valley group. The ED has also previously restituted over Rs 150 billion to public sector banks in cases involving Vijay Mallya and Nirav Modi. Under Section 8(8) of the PMLA, if properties are confiscated by the central government, special or higher courts can direct the return of these properties to legitimate claimants who have suffered a quantifiable loss due to money laundering offenses. (ET)

Next Story
Resources

Security solutions: Godrej aims for 50 percent revenue surge

The Security Solutions business of Godrej & Boyce, part of Godrej Enterprises Group, has set an ambitious goal of achieving a 50 percent growth in revenue by FY27, targeting a top-line of Rs 15 billion. This marks a significant leap from the Rs 10 billion revenue recorded in FY24, driven by a sharpened focus on expanding exports to the Americas and Europe, alongside leveraging domestic regulatory changes.The company’s exports currently contribute around 10 percent of the division’s revenue with significant potential for growth. By FY27, exports are projected to account for 14-15 percen..

Next Story
Resources

India's luxury housing market soars: CREDAI-MCHI

CREDAI-MCHI, the apex body of real estate developers, has unveiled its latest research analysis, spotlighting a transformative shift in India's urban housing markets towards luxury and premium properties. The study reveals significant growth in average ticket sizes and total sales values across India’s top seven metropolitan cities during H1 FY2025 (April-September 2024).  The data highlights a remarkable 18 percent increase in total sales value, which surged to Rs 2,793 billion, compared to Rs 2,358 billion in the same period of FY2024. Despite a modest 3 percent decline in total units..

Next Story
Equipment

Our commitment to excellence drives our success: Gmmco

In India's dynamic industrial landscape, Gmmco, a comprehensive solutions provider across the construction, resources and energy transportation industries, stands as a testament to innovation. As a powerhouse of the CK Birla Group with a legacy spanning over five decades, it has evolved from a traditional equipment supplier to a full-spectrum solutions provider. Its distinctive approach includes rental solutions, used equipment options, financing support, rebuilt options and tailored product support solutions, setting new benchmarks in customer service. Under the visionary leadership of C..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000