SRS Group Scam: Promoters Declared Fugitive Economic Offenders in ₹2,200 Crore Case
In a major setback for the SRS Group, promoters Jitender Kumar Garg and Sunil Jindal have been declared fugitive economic offenders in a ₹2,200 crore scam by a PMLA court. The Enforcement Directorate has initiated asset confiscation under the Fugitive Economic Offenders Act after multiple FIRs and money laundering findings.
SRS Group scam fugitive economic offenders developments have intensified after a special PMLA court declared promoters Jitender Kumar Garg and Sunil Jindal fugitive economic offenders.
The declaration relates to an alleged ₹2,200 crore financial fraud involving the Faridabad-based SRS Group, triggering fresh asset confiscation proceedings by the Directorate of Enforcement under the Fugitive Economic Offenders Act, 2018.
The Special Court constituted under the Prevention of Money Laundering Act passed the order in Gurugram following an application filed by the Enforcement Directorate’s Gurugram Zonal Office.
The court held that sufficient material existed to establish that the accused deliberately fled India to evade criminal prosecution in multiple money laundering and cheating cases.
Both Garg and Jindal were promoters and directors of several companies operating under the SRS Group umbrella, which primarily functioned in real estate, retail, and investment-linked schemes.
The ED had also sought similar action against Praveen Kumar Kapoor, another key accused, but proceedings against him were dropped after his deportation to India in November 2025.
According to officials, Kapoor was brought back following a Red Corner Notice issued by Interpol at the request of Indian enforcement agencies.
Multiple FIRs and PMLA Probe Expose Scale of SRS Group Fraud
The money laundering investigation originated from nearly 81 FIRs registered by Haryana Police, Delhi Police’s Economic Offences Wing, and the Central Bureau of Investigation in New Delhi.
These FIRs were filed under various sections of the Indian Penal Code against Jitender Kumar Garg, Sunil Jindal, Anil Jindal, Praveen Kumar Kapoor, and other senior executives.
Investigators allege the accused raised approximately ₹2,200 crore from investors and banks by promising assured and unusually high returns through misleading investment schemes.
The collected funds were allegedly diverted, misappropriated, and layered through multiple entities, resulting in widespread financial losses to thousands of investors.
Officials say the fraudulent schemes were structured to appear legitimate, using aggressive marketing and trust-building strategies to attract middle-class and senior citizen investors.
Following the registration of predicate offences, the ED initiated a money laundering probe under the PMLA to trace the proceeds of crime.
In 2022, the agency filed a prosecution complaint detailing the alleged laundering mechanisms, shell entities, and diversion routes used by the accused.
So far, assets and properties worth ₹2,215.98 crore have been provisionally attached, which the ED claims directly relate to the proceeds of the alleged fraud.
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Fugitive Status, Red Notices and Asset Confiscation Process
Further investigation under the Fugitive Economic Offenders Act revealed that Garg, Sunil Jindal, and Kapoor had exited India after criminal cases were registered against them.
While Kapoor has since been repatriated, authorities stated that Garg and Sunil Jindal are currently residing in foreign jurisdictions to avoid trial proceedings.
Non-bailable warrants were issued against all accused, followed by look-out circulars to prevent international travel through Indian airports.
Interpol Red Corner Notices were also secured against the accused after Indian courts issued warrants and declared them absconders.
On June 6, 2025, the Special Court formally declared Garg and Sunil Jindal proclaimed offenders due to their continued non-appearance before investigating agencies.
Under the Fugitive Economic Offenders Act, such a declaration enables authorities to confiscate domestic and overseas properties linked to the accused.
ED officials confirmed that confiscation proceedings have now begun, covering movable and immovable assets acquired through alleged criminal proceeds.
Legal experts note that the FEOA aims to deter economic offenders from fleeing India by stripping them of financial benefits and legal protections.
Sprouts News Special Investigation Team (SIT) continues to track the confiscation process and potential recovery for defrauded investors.
With trials pending and asset recovery underway, the SRS Group case is emerging as one of the most significant real estate-linked financial frauds in northern India.
Sprouts News Investigation and Public Appeal
Unmesh Gujarathi, an investigative journalist, along with the Sprouts Special Investigation Team, has consistently opposed the SRS Group scam, exposing several underreported developments and filing multiple formal complaints. Citizens facing financial injustice or corporate wrongdoing are encouraged to contact the team.
