Follow us on Google News
Praveen Kumar Kapoor, co-founder and promoter of real-estate conglomerate SRS Group, has been deported to India by the United States in connection with an alleged ₹2,200-crore fraud involving investors and banks, the Enforcement Directorate (ED) said on Thursday.
According to the agency, Kapoor was stopped at Newark International Airport following an Interpol Red Notice issued at the ED’s request. U.S. authorities cancelled his B1/B2 visa and denied him entry, after which he was deported to Delhi on November 2. Upon arrival, he was detained under a lookout circular issued by the ED.
https://the420.in/centre-for-police-technology-launched-as-common-platform-for-police-oems-and-vendors-to-drive-smart-policing/
81 FIRs under Money-Laundering Probe
The ED is investigating the SRS Group under the Prevention of Money Laundering Act (PMLA) in connection with 81 first-information reports registered across Faridabad, Delhi, and the CBI.
“The group has been accused of cheating investors and banks by promising high returns on residential and commercial projects,” the ED said. “Funds collected from investors were routed through hundreds of shell companies floated by the SRS Group and subsequently laundered.”
The agency has already issued a provisional attachment order worth ₹2,215.98 crore in the case.
Two Promoters Still on the Run
Kapoor had been absconding for several years along with Jitender Kumar Garg and Sunil Jindal, the other promoter-directors of the group. The ED named them in its prosecution complaint before a special court in Gurugram, which took cognizance of the charges and issued non-bailable warrants against them.
“Kapoor was later declared a proclaimed offender, and proceedings under the Fugitive Economic Offenders Act were initiated against all three,”
an ED official said, adding that efforts are underway to secure the return or extradition of the remaining absconders.
Background
Once a major player in real estate, retail, and hospitality, the Faridabad-based SRS Group raised massive sums from investors with promises of lucrative returns. Investigators allege that the funds were diverted through dummy companies for money-laundering purposes rather than being used for genuine business projects.
