Special Court orders return of Rs 650 crore SRS properties to 2,312 homebuyers in PMLA ruling

GURUGRAM: 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. (ANI)

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