In a much-needed relief to over 2,000 homebuyers, the special Prevention of Money Laundering Act (PMLA) court has ordered the restoration of immovable properties to 2,312 buyers in SRS Group projects. Hearing the matter, the court held that genuine homebuyers can’t be left to suffer for the wrongdoings of the builders.

In its order dated March 11, PMLA special judge Vani Gopal Sharma took note of the completion of the Enforcement Directorate’s verification process to identify genuine purchasers and ordered the restoration of their properties.

These buyers had purchased flats in several SRS Group projects, including SRS Royal Hills phases 1 and 2, SRS Pearl Floors, SRS Residency, SRS Pearl Heights, and SRS Pearl Unity in Faridabad and Palwal.

The case pertains to the money laundering probe initiated by the Enforcement Directorate against the promoters of the SRS group after 81 FIRs were registered against them between 2017 and 2018 in Faridabad and Delhi.

The probe agency had attached SRS group assets worth more than Rs 2,200 crore. Several SRS Group projects were frozen, leaving thousands of home buyers without possession of their flats despite most of them having already paid the money.

The PMLA court’s relief order followed the Punjab and Haryana High Court’s direction to authorities to take swift action to ensure innocent homebuyers are not indefinitely deprived of their homes.

Earlier in November last year, Praveen Kapoor, the co-founder and promoter of realty firm SRS Group, was deported to India by US authorities in connection with the Prevention of Money Laundering Act (PMLA) case.

The Interpol had issued a Red Corner Notice against Kapoor, who had been absconding for several years following the registration of a money laundering case against him.

The ED initiated a money laundering investigation against SRS Group based on 81 FIRs registered under various sections of the Indian Penal Code at police stations in Faridabad and Delhi, and with the Central Bureau of Investigation (CBI). The group has been accused of cheating investors and banks to the tune of Rs 2,200 crore.

The ED investigation revealed that the accused persons and entities of SRS Group lured investors with promises of high returns on investments in various residential and commercial projects.

Funds from these investments were deposited into hundreds of shell companies created by the SRS Group and were subsequently laundered. A Provisional Attachment Order for Rs 2,215.98 crore has already been issued in this case.