The Enforcement Directorate (ED) has attached movable and immovable assets worth Rs 2,511 crore of the SRS Group, its promoters and their family members and associate companies under the Prevention of Money Laundering Act, 2002 (PMLA) in a cheating and fraud case.
The assets attached consist of land, real estate projects, commercial projects, residential houses, school, cinema hall, balances in bank accounts and fixed deposits.
ED is investigating SRS Group and its promoters on the basis of numerous FIRs filed at various police stations in Faridabad, charge sheets filed by Haryana Police as well as FIR filed by Economic Offence Wing (EOW), New Delhi.
During its investigation, ED found out that promoters of SRS Group - Anil Jindal, Jitender Kumar Garg and Praveen Kumar Kapoor - and their associates lured investments from several individual and institutions on fake promises of high returns from investments in shops, plots, flats, apartments etc.
The money thus collected was then siphoned off to other group companies through various shell companies controlled indirectly by the promoters of the group through dummy directors.
The promoters also showed inflated assets and turnover through fake and fabricated balance sheets. They kept investors in the dark by not giving them specific investment plans. To keep the companies afloat, they further availed loans, which were used for repayments to investors.
The investigation by ED also revealed that movable and immovable properties were illegally acquired in the name of various companies of SRS Group and family members of the promoters.