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ED Takes allots seized properties worth Rs 2,215 crore (Representative Picture)
The move is part of a broader effort to return property and funds seized from financial fraud to their rightful owners.
The Enforcement Directorate (ED), which investigates financial crimes, is taking an unprecedented step to repair homes and release funds to buyers who were defrauded.
This turn of events is part of a broader effort to return property and money seized in financial fraud to their rightful owners. The latest development in this remarkable turnaround comes in Gurgaon, where the district's ED has taken over the assets of SRS Group Pearls, which was embroiled in a major money laundering scandal.
The ED had previously attached properties of the SRS Group, including apartments in urban and premium projects in Gurgaon. The agency is currently working to return the properties to their original buyers.
In this effort, the education department will allocate apartments worth up to Rs 2,215 crore. The process involves reviewing the claims of thousands of buyers who were affected by the scam. At present, ED has completed the first round of verification and started registration and handing over properties worth 200 million rupees to 78 home buyers.
The saga began in 2020, when the Education Bureau seized the properties of SRS Group, accusing the company of using buyers' funds to conduct illegal activities. Many buyers have since filed claims to recover their investment assets.
The Department of Education is carefully reviewing these claims and is working to waive registration fees to facilitate the return of property. The measure is part of a larger mandate under Section 8(8) of the Prevention of Money Laundering Act, which allows the Ministry of Education to return seized assets to victims.
This approach not only aims to deliver justice, but also deters future financial crimes by ensuring victims are compensated. In addition, the Education Department has previously carried out similar return work. Notably, the anti-money laundering agency successfully released funds to around 2 million victims of the Rose Valley Chit Fund scam in West Bengal.
In this case, around Rs 10,000 crore was defrauded and the ED has allocated Rs 12 crore to the defrauded individuals and plans to allocate more.
