Praveen Kumar Kapoor, the co-founder and promoter of realty firm SRS Group, has been deported to India by US authorities in connection with a Prevention of Money Laundering Act (PMLA) case.
This follows an investigation by the Enforcement Directorate (ED), which had issued a Red Corner Notice against him. The ED’s Gurugram Zonal Office is handling the matter.
Kapoor was denied entry at Newark International Airport in the USA, and his B1/B2 visa was cancelled by US authorities. He was subsequently deported to New Delhi on November 2, where he was intercepted by Indian law enforcement agencies based on a Lookout Circular issued by the ED’s Gurugram Zonal Office.
The ED initiated a money laundering investigation against SRS Group based on 81 FIRs registered under various sections of the Indian Penal Code at police stations in Faridabad and Delhi, and with the Central Bureau of Investigation (CBI). The group has been accused of cheating investors and banks to the tune of Rs 2,200 crore.
The ED investigation revealed that the accused persons and entities of SRS Group lured investors with promises of high returns on investments in various residential and commercial projects. Funds from these investments were deposited into hundreds of shell companies created by the SRS Group and were subsequently laundered. A Provisional Attachment Order for Rs 2,215.98 crore has already been issued in this case.
Praveen Kumar Kapoor, along with two other promoter-directors of SRS Group—Jitender Kumar Garg and Sunil Jindal—had been absconding for many years and had evaded investigation. Kapoor was named as an accused in the prosecution complaint filed by the ED before the Special PMLA Court in Gurugram. The court has taken cognisance of the complaint, and charges are being framed against the accused.
Due to the ED’s efforts, non-bailable warrants were issued against him by the Special PMLA Court in Gurugram, and he was subsequently declared a Proclaimed Offender. Proceedings under the Fugitive Economic Offenders Act (FEOA) were also initiated by the ED against Praveen Kumar Kapoor, Jitender Kumar Garg, and Sunil Jindal to declare them as Fugitive Economic Offenders. Efforts are ongoing to secure the return or extradition of the other absconding promoter-directors.
Further investigation into the matter is ongoing.