ED takes over 2,500 crore assets of SRS Group in Haryana

ED took on commercial projects, residential buildings, schools, cinema halls, bank accounts, deposited balances, FD

(PTI) New Delhi, Ta. January 9, 2020, Thursday

ED has seized over 2500 crore assets of SRS Group of Haryana in money laundering and fraud cases. The agency said in a statement that land belonging to SRS Group, their promoters, their families and affiliates, real estate projects, commercial projects, residential houses, schools, cinema halls, bank accounts, deposits and deposits in fixed deposits amounted to a total of Rs 2510.82 crore. Has been taken.

An order has been issued under the Prevention of Money Laundering Act to seize property. The group and its promoters have been accused of cheating on a number of investors by luring them with high returns. They guarantee investors high returns by luring investors to invest in shops, plots, pallets and apartments.

According to the SRS website, it has presence in Gold and Jewelry, Commodity, Cinema, Retail, Hospitality, Financial Services, Real Estate, Education and Healthcare business.

The ED found in its investigation that people, including SRS group promoter Anil Jindal and founding directors Jitendra Kumar Garg, and Praveen Kumar Kapoor, had committed criminal conspiracy with the people by luring them to higher returns.

It is worth mentioning that Jindal was investigated by the Faridabad police in 2018 just before the inquiry. SRS Group transferred to group companies through the People's Money Shell companies.

In addition, the group also obtained loans from banks by issuing fake balance sheets. To continue their illicit investment scheme, the accused used the loan to pay the investors money so they could use the investors' money in other projects.