Did SRS Group's Top Officials Just Become Fugitive Economic Offenders?
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Synopsis
In a major legal development, two top officials of SRS Group have been declared fugitive economic offenders for their involvement in a staggering Rs 2,200 crore investment fraud. This case highlights the increasing scrutiny on financial misconduct in India.
Key Takeaways
- Two officials of SRS Group declared as fugitives.
- Investment fraud exceeds Rs 2,200 crore.
- ED initiates asset confiscation procedures.
- Investigation based on multiple FIRs.
- Fugitive Economic Offenders Act enacted in 2018.
Gurugram, Jan 18 (NationPress) A Special Court (PMLA) in Gurugram has officially classified Jitender Kumar Garg and Sunil Jindal, who are the promoters and directors of various SRS Group companies, as fugitive economic offenders in connection with an investment fraud exceeding Rs 2,200 crore. This fraud involved funds gathered from the public and banking institutions, as confirmed by an ED official on Sunday.
The court's declaration, issued on January 15 under the Fugitive Economic Offenders Act, 2018 (FEOA), was detailed in a statement from the ED.
According to ED officials, Jindal is currently based in Dubai while Garg resides in Georgia.
The declaration stemmed from a petition submitted by the ED's Gurugram Zonal Office, seeking to classify Garg, Jindal, and Praveen Kumar Kapoor as fugitive economic offenders under the FEOA.
With the successful completion of the process to declare Garg and Jindal as fugitive offenders, the ED has initiated steps for the confiscation of their properties according to the FEOA provisions.
The ED also noted that Praveen Kumar Kapoor was deported to India on November 1, 2025, following a red corner notice from Interpol based on the ED's request.
The investigation by the ED was triggered by 81 FIRs filed by the Haryana Police, Delhi Economic Offences Wing, and the Central Bureau of Investigation in New Delhi, under various sections of the IPC, against Anil Jindal, Jitender Kumar Garg, Sunil Jindal, Praveen Kumar Kapoor, and several key employees/directors of the SRS Group, a real estate company based in Faridabad.
The company and its officials allegedly amassed Rs 2,200 crore from the public and banks under the guise of investment, promising substantial returns, ultimately defrauding investors.
The ED's investigation revealed that Garg, Jindal, and Kapoor were implicated in money laundering activities, leading to a charge sheet being filed in 2022.
Furthermore, the investigation has identified properties/assets acquired through the Proceeds of Crime, with a total attachment value reaching Rs 2,215.98 crore.
The ED's findings indicate that all three accused have left India, and it is reasonably believed that Garg and Jindal are living abroad.
These individuals have been evading legal proceedings by remaining outside the jurisdiction of Indian courts, avoiding criminal prosecution, as stated by the ED.
A Non-Bailable Warrant of Arrest, Look Out Circular, and Red Corner Notice have been issued against all fugitives, who were previously designated as proclaimed offenders by the Special Court on June 6, 2025.
Point of View
It is crucial for the public to understand the implications of financial fraud. The ED's actions reflect a commitment to uphold accountability, ensuring that those who exploit investors face justice. This case serves as a reminder of the importance of transparency and trust in financial dealings within our country.
NationPress
18/01/2026
Frequently Asked Questions
What is the Fugitive Economic Offenders Act?
The Fugitive Economic Offenders Act, enacted in 2018, allows authorities to declare individuals as economic offenders who are fleeing from Indian law enforcement in connection with serious financial offenses.
What is the significance of the Rs 2,200 crore fraud?
The Rs 2,200 crore fraud is significant as it involves a large-scale deception of investors, highlighting vulnerabilities in the financial sector and the necessity for stringent oversight.
Where are the accused currently located?
The accused, Jitender Kumar Garg and Sunil Jindal, are believed to be residing in Dubai and Georgia, respectively, evading legal proceedings in India.
What measures are being taken against the accused?
Measures include issuing Non-Bailable Warrants, Look Out Circulars, and Red Corner Notices to apprehend the fugitives and confiscate their properties.
How many FIRs were filed in this case?
A total of 81 FIRs have been registered by various law enforcement agencies in relation to this case.
