+
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
Infrastructure Energy

L&T to Build India’s Largest Green Hydrogen Plant for IOCL

The plant will be developed on a build-own-operate (BOO) model and will supply 10,000 tonnes of green hydrogen annually to IOCL for a period of 25 years. It will operate entirely on renewable energy, aligning with IOCL’s decarbonisation goals and India’s broader net-zero ambitions.Green hydrogen at the plant will be produced using high-pressure alkaline electrolysers manufactured at L&T Electrolysers Ltd’s facility in Hazira, Gujarat. This initiative further showcases L&T’s commitment to localised, self-reliant clean-tech solutions under the Aatmanirbhar Bharat mission.LTEG’s..

Next Story
Infrastructure Urban

Bansal Wire Q1 Profit Rises 24.6% to Rs 393 Mn

Bansal Wire Industries, India’s largest stainless steel wire manufacturer and second-largest steel wire maker by volume, reported a 24.6 per cent year-on-year rise in net profit to Rs 393 million for the quarter ended June 30, 2025 (Q1 FY26).During the quarter, revenue rose 14.9 per cent YoY to Rs 9,390 million, while EBITDA increased by 19.6 per cent YoY to Rs 745 million, reflecting the company's strong operational performance and focus on value-added segments.According to Pranav Bansal, MD & CEO of Bansal Wire Industries, the company has started FY26 on a strong note, building on the ..

Next Story
Infrastructure Urban

Lemon Tree Opens Keys Lite Hotel in Banswara, Rajasthan

Lemon Tree Hotels has launched its latest property, Keys Lite by Lemon Tree Hotels, Banswara, further expanding its footprint in Rajasthan. This marks the group’s 11th operational hotel in the state and continues its focus on providing quality stays in emerging travel destinations.The newly launched managed hotel features 54 well-appointed rooms, a multi-cuisine restaurant – Keys Café, a fitness centre, and spacious banquet and conference facilities, catering to both leisure and business travellers.Located in southern Rajasthan, Banswara is known as the “City of Hundred Islands” for t..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?