New Delhi, Aug 29 In a significant development, the Special Court (PMLA) in Gurugram has issued notices to Jitender Kumar Garg, Sunil Jindal, and Praveen Kumar Kapoor, promoters of the SRS Group, under the Fugitive Economic Offender Act (FEOA), 2018.
This action follows an application by the Enforcement Directorate (ED) to declare the accused as fugitive economic offenders and confiscate assets worth Rs 212.73 crore.
The ED initiated its investigation based on approximately 81 FIRs registered by various agencies against the SRS Group's promoters and directors. The group, involved in real estate and financing, is accused of defrauding homebuyers, banks, and financial institutions of roughly Rs 2200 crore through fraud, cheating, and criminal conspiracy.
The promoters allegedly promised exorbitant returns on investments, ultimately cheating thousands of investors. In 2022, the ED filed a prosecution complaint after identifying the accused's involvement in money laundering. Subsequent investigations revealed properties and assets identified as "Proceeds of Crime," leading to total attachments amounting to Rs 2215.98 crore.
The ED's FEOA investigation found that Jitender Kumar Garg, Sunil Jindal, and Praveen Kumar Kapoor have fled India and are believed to be residing in Georgia and Dubai, UAE. They have been evading legal proceedings, with non-bailable warrants, a Look Out Circular, and a Red Corner Notice issued against them.
"The accused persons have been evading the process of law by staying outside the jurisdiction of Indian Courts so as not to face criminal prosecution. Non-Bailable Warrant of Arrest, Look Out Circular, and Red Corner Notice have been issued against all fugitives. They have been declared as proclaimed offenders by the Special Court earlier on June 6, 2025," said ED in a press statement.
Having been previously declared proclaimed offenders on June 6, 2025, the court's latest move paves the way for their formal declaration as Fugitive Economic Offenders and the confiscation of their properties.
Further investigation remains ongoing.
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