Enforcement Directorate Restitutes Rs 20 Crore Flats to Gurugram Homebuyers Cheated by SRS Group

The Enforcement Directorate (ED) has initiated the restitution of over Rs 20 crore worth of flats to homebuyers duped by the SRS Group in Gurugram. Following an order by the Appellate Tribunal under the Prevention of Money Laundering Act, 78 flats will be returned to their rightful owners. The process stems from a 2020 case where the ED attached assets worth Rs 2,215 crore as part of a money laundering investigation against SRS Group.

The Enforcement Directorate (ED) has begun the restitution of flats valued at over Rs 20 crore to homebuyers of a Gurugram realty project allegedly defrauded by the SRS Group, official sources disclosed on Wednesday.

The flats, developed by the SRS Group under projects such as SRS Pearl, SRS City, and SRS Prime, will be returned following an August 12 order from an Appellate Tribunal under the Prevention of Money Laundering Act (PMLA). The agency was permitted to restitute 78 flats, worth Rs 20.15 crore, to genuine homebuyers.

In January 2020, the ED had provisionally attached assets valued at Rs 2,215 crore as part of an investigation into alleged fraud by the SRS Group. The group was accused of taking payments but failing to register properties in the names of homebuyers. After high court directives, the ED embarked on a comprehensive verification process, issuing no objection certificates for registration of the properties.

(With inputs from agencies.)