Court notice to three promoters of real estate firm in fraud case

A special court has issued notice to three promoters and directors of a real estate company, SRS Group, under the Fugitive Economic Offenders Act, on a request from the Enforcement Directorate (ED) in connection with an alleged case of fraud. They are currently said to be in Georgia and United Arab Emirates.

The accused have been identified by the agency as Jitender Kumar Garg, Sunil Jindal, and Praveen Kumar Kapoor. The ED has also urged the court to allow confiscation of assets worth ₹212.73 crore.

“The SRS Group was into the business of real estate and financing. The promoters had committed the offence of cheating, criminal breach of trust for diversion/criminal misappropriation of the property, criminal conspiracy, etc. by defrauding the homebuyers/plot buyers, banks, and other financial institutions,” the ED said on Friday.

The ED probe is based on about 80 cases registered by the police in Delhi, and Haryana, and by the Central Bureau of Investigation. The accused had collected about ₹2,200 crore from the public and banks on the pretext of investment for huge returns. The agency filed a prosecution complaint under the Prevention of Money Laundering Act in 2022 and has so far attached properties worth ₹2,215.98 crore.

“Non-bailable warrants of arrest, Look-Out Circular, and Red Notice (Interpol) have been issued against all the fugitives. They were declared proclaimed offenders by the special court earlier on June 6, 2025,” it said.