New Delhi, March 17 The Enforcement Directorate has recovered immovable assets worth Rs 650 crore for over 2,300 homebuyers as part of an investigation into money laundering against Faridabad-based real estate company SRS Group, officials said on Tuesday.
They said a special provision in the Prevention of Money Laundering Act (PMLA) in Gurugram allows the federal investigation agency to take this step, as provided under the anti-money laundering law.
The Gurugram zonal office of the ED has successfully recovered immovable assets worth about Rs 650 crore for 2,312 genuine homebuyers in SRS projects who were allegedly defrauded, the officials said.
It is alleged that the SRS Group promoters and executives lured investors and homebuyers by promising high returns on their investments in various residential and commercial projects.
"Funds from such investments were deposited in hundreds of shell companies created by SRS Group and were subsequently laundered," the ED had earlier alleged in a press statement.
In January, the PMLA court declared two promoters and directors of the group – Sunil Jindal and Jitender Kumar Garg – as economic offenders under the Economic Offenders Act.