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

14 Aug 2024 CW Team

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)

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..