In a landmark move, the Enforcement Directorate (ED) has successfully restituted 78 flats valued at over ₹20 crore to the rightful homebuyers of SRS Group’s Pearl, City, and Prime projects in Gurgaon. This marks the first time that the ED has undertaken such a restitution process, a significant step in delivering justice to victims of financial fraud.
The restitution process was initiated following directives from the Supreme Court and the Punjab & Haryana High Court, ensuring that those who were defrauded by SRS Group’s promoters receive their due. The properties in question were originally attached by the ED in January 2020, after it was revealed that the promoters of SRS Group were involved in laundering the money of homebuyers.
Sources close to the matter have indicated that the ED is in the process of verifying claims related to properties worth a staggering ₹2,215 crore, also tied to SRS Group’s various projects. Once verification is complete, the ED will issue no-objection certificates, allowing buyers to register their flats and finally take possession of their homes.
On Monday, the appellate tribunal granted permission to the ED to drop 78 properties from the attached list, allowing for their return to the legitimate homebuyers. A senior official from the ED stated, “This decision represents a crucial advancement in the restitution process and underscores the directorate’s dedication to securing justice for innocent homebuyers who were defrauded by SRS Group.”
The ED has pledged to continue its efforts to restore thousands of other properties attached in money laundering cases to the actual beneficiaries. This commitment follows the recent restitution of ₹12 crore in attached fixed deposits linked to Kolkata’s Rose Valley chit fund scam, which is being distributed among 20 lakh claimants.
Legal Framework:
The restitution is being conducted under the provisions of Section 8(8) of the Prevention of Money Laundering Act (PMLA). This section allows the ED to restore attached assets to a claimant with a legitimate interest in the property if they have suffered a quantifiable loss due to money laundering. The ED is required to prepare a ‘panchnama’ for such transfers, which can serve as evidence during the trial.
Ongoing Efforts:
The ED’s ongoing drive to return attached properties to their rightful owners is a significant step forward in the fight against financial crime. By restoring these assets, the agency aims to provide relief to those who have been adversely affected by fraudulent activities, reaffirming its commitment to upholding the rule of law.
As more claims are verified and properties are restituted, the ED’s actions are expected to bring much-needed closure to the victims of the SRS Group and other similar scams across the country.
+ There are no comments
Add yours