The Enforcement Directorate (ED) on Thursday said it has attached Rs 2,510.82 crore worth of movable and immovable assets of SRS Group, its promoters, their family members and of associate companies on charges of defaulting on a loan of Rs 1,100 crore.
The assets, comprising land, real estate projects, commercial projects, residential houses, a school, a cinema hall, balances in bank accounts and fixed deposits were attached under the Prevention of Money Laundering Act, 2002 (PMLA) in the cheating and fraud case.
"Investigation revealed that movable and immovable properties have been illegally acquired in the name of various companies of SRS Group and family members of accused and being proceeds of crime, these assets totalling to Rs 2510.82 crores have been provisionally attached under PMLA. Further investigation in this case is under progress," the ED said.
The ED initiated investigation by registering Enforcement Case Information Report (ECIR) under the PMLA on the basis of First Information Reports (FIRs) on charges of cheating, criminal conspiracy and forgery under the Indian Penal Code registered at various police stations in Haryana's Faridabad and charge sheets filed by Haryana Police.
Further, an additional FIR was also received from Economic Offence Wing, New Delhi in the instant case, the ED said.
During investigations, ED said it was found that accused Anil Jindal, Jitender Kumar Garg and Praveen Kumar Kapoor were the key promoters of SRS Group that has over 300 subsidiaries.
Jindal, who is the Chairman and Managing Director of SRS Group, is in jail on charges of cheating and fraud.
"They, along with other accomplices and associates, hatched a criminal conspiracy and have lured investments from several individuals and institutions on fake promises of high returns in the guise of investments in real estate units like shops, plots, flats, SCOs, apartments," the ED said.
These funds and investments were later siphoned off into group companies through various shell companies of the SRS Group having dummy directors who were mainly SRS Group employees, said the ED, adding further they presented fake and fabricated balance sheets in order to enhance their turn-over and balance sheets.
"They kept investors in dark by not giving investors specific investment plans. To sustain their illegal investment schemes, they further availed loans which were used for repayments and to develop their other projects. These schemes of investment were not prudent financial structure but only proved their mens rea and culpability and with no intention of repaying the amount invested."