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)

Infrastructure Transport

15 Oct 2025

BMC Gets CRZ Nod For Rs 40 Million Gorai Bridge Rebuild

The Brihanmumbai Municipal Corporation (BMC) has secured Coastal Regulation Zone (CRZ) clearance for the reconstruction of the Poisar River bridge in Gorai, located in Mumbai’s western suburbs. However, the proposed demolition of the existing 100-metre bridge has sparked opposition from local residents, who claim it serves as the only direct access route between the Lower and Upper Koliwada areas. The three-decade-old bridge, situated within the CRZ buffer zone, was recently declared structurally unsafe following a civic audit. The BMC has sanctioned its reconstruction at an estimated cost ..

NHAI Completes Rs 15.9 Billion Four-Lane Stretch On ECR

The National Highways Authority of India (NHAI) has completed the four-laning of the 38 km Puducherry–Poondiyankuppam stretch, ending near Cuddalore, in a development that will cut travel time by up to two hours, according to a report by The New Indian Express. The upgraded section, built at a cost of Rs 15.9 billion under the Bharatmala Pariyojana Phase I, marks a major milestone in the ongoing East Coast Road (ECR) widening programme. The project promises a smoother, faster drive for motorists travelling towards Cuddalore, Chidambaram, Sirkazhi, and Nagapattinam. With this completion, 22..

Encroachments Delay Rs 1 Billion Ghatkopar Bridge Project

The construction of a new cable-stayed rail overbridge at Ghatkopar and the widening of the Andheri–Ghatkopar Link Road (AGLR) have been delayed due to the presence of nearly 250 encroached structures on both sides of the road. In response, Municipal Commissioner Bhushan Gagrani has directed officials to carry out a structural audit of the existing bridge over the railway line and enforce temporary restrictions on heavy vehicles to ensure public safety. The bridge, which starts at the Golibar Road junction near LBS Marg and extends up to the Eastern Express Highway (EEH), serves as a critic..