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)

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

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
Infrastructure Transport

Anji Khad Bridge, India's First Cable-Stayed Rail Bridge Ready in J&K

Indian Railways has completed the Anji Khad Bridge, India’s first cable-stayed rail bridge, located in the Reasi district of Jammu and Kashmir. A critical component of the ambitious Udhampur-Srinagar-Baramulla Rail Link (USBRL) Project, this engineering marvel connects Katra and Reasi, promising enhanced regional connectivity and economic growth.Spanning 725.5 metres, the bridge features a 193-metre-tall main pylon, soaring 331 metres above the riverbed. Its design allows it to withstand wind speeds of up to 213 km/h and safely support train operations at speeds of 100 km/h.Constructed in th..

Next Story
Infrastructure Urban

Exporters Raise Logistics Costs Concerns with Piyush Goyal

Exporters and freight agencies have voiced concerns over high terminal handling charges at ports and the underutilisation of dry ports, adding to India’s overall logistics costs. During a meeting with Commerce and Industry Minister Piyush Goyal, they highlighted that the fees charged by shipping terminals for container storage and positioning before loading exceed port charges by Rs 10,000-15,000 per consignment. The discussion focused on logistics and shipping challenges, with the government actively working to reduce costs across the supply chain, according to an official. India is targe..

Next Story
Infrastructure Transport

Government to Revamp UDAN Scheme with Focus on Airport Readiness

The Indian government is set to revamp its regional air connectivity scheme, UDAN (Ude Desh ka Aam Nagrik), by prioritising airport readiness before inviting airlines to bid for operating routes. Financial support for the development of unserved airports and airstrips across the country is expected to be a key focus in the upcoming budget, along with stricter assessments of route feasibility, according to sources. Launched in 2017 to boost air travel in the world’s fastest-growing aviation market, the UDAN scheme caps airfares and provides subsidies to airlines for operating on less frequen..

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