In a major development in the ongoing crackdown on economic offenders, a Special Court under the Prevention of Money Laundering Act (PMLA) in Gurugram has declared Jitender Kumar Garg and Sunil Jindal, promoters and directors of several companies linked to the SRS Group, as Fugitive Economic Offenders (FEOs). The order has been passed under the Fugitive Economic Offenders Act (FEOA), 2018.
The ruling follows an application filed by the Enforcement Directorate’s (ED) Gurugram Zonal Office. The agency had also sought similar action against Praveen Kumar Kapoor. However, ED officials stated that Kapoor had already been deported to India on November 1, 2025, after an Interpol Red Corner Notice was issued at the agency’s request, and his case is now being handled separately.
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Property confiscation process initiated
With the court formally declaring Garg and Jindal as fugitive offenders, the ED has now accelerated proceedings to attach and confiscate their domestic and overseas assets. Under the FEOA, authorities are empowered to seize properties of absconding economic offenders to recover proceeds of crime.
According to the ED, the case is linked to a ₹2,200 crore money laundering and financial fraud involving the SRS Group. The group allegedly misled investors and financial institutions, mobilised large funds, and subsequently diverted the money through a network of shell companies and fraudulent accounts, including transfers abroad.
Accused linked to multiple companies
The ED’s charge sheet notes that Sunil Jindal served as a promoter and director in several SRS Group–associated firms. Jitender Kumar Garg has also been accused of orchestrating illegal financial transactions through the group’s corporate structure.
The investigation agency maintains that both accused fled the country deliberately to evade investigation and prosecution. The court observed that they had been absconding for a prolonged period and had failed to respond to multiple summons issued by the ED.
Significant step under FEOA
The Fugitive Economic Offenders Act, 2018, was enacted to deter high-value economic offenders who escape the country to avoid legal proceedings. Once declared an FEO, an individual’s movable and immovable properties, bank accounts, and investments can be confiscated by the government.
Legal experts believe the order sends a strong signal reinforcing the government’s “zero tolerance” approach toward financial crime. Several other high-profile businessmen have previously been declared fugitive offenders under the same law.
Relief expected for investors
The ED has stated that any funds recovered from the confiscated assets will be used to compensate affected investors and financial institutions. The agency indicated that further disclosures and enforcement actions are likely as the investigation progresses.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
