ED Gets Asset Seizure Powers as SRS Group Directors Declared Fugitive Economic Offenders

Two absconding promoters and directors of the SRS Group—Jitender Kumar Garg and Sunil Jindal — were declared Fugitive Economic Offenders by a special PMLA court in Gurugram on Saturday.Once an accused

is declared a Fugitive Economic Offender, the Enforcement Directorate (ED) can initiate proceedings to confiscate their assets.“Keeping in mind that the accused, Sunil Jindal and Jitender Kumar Garg, have failed to appear before this court despite due service of summons as envisaged under Section 10 of the Fugitive Economic Offenders Act, therefore respondents Jitender Kumar Garg and Sunil Jindal are hereby declared Fugitive Economic Offenders under Section 12(1) of the Fugitive Economic Offenders Act, 2018,” Special Judge Vani Gopal Sharma said in her order.

The Enforcement Directorate initiated an investigation against the SRS Group after 81 FIRs were filed by the Haryana Police, Delhi Police, and the CBI.In its money laundering probe, the ED has alleged that the SRS Group cheated investors and banks of around ₹2,200 crore.“The ED investigation revealed that the accused persons/entities of the SRS Group lured investors into investing in the group on the promise of high returns and in various residential and commercial projects,” the agency said.ED investigation has revealed that all three accused persons have left India, and it is reasonably ascertained that Jitender Kumar Garg, Sunil Jindal are residing in Georgia & Dubai, United Arab Emirates (UAE) respectively.Funds from these investments were deposited into hundreds of shell companies created by the SRS Group and were subsequently laundered. The ED has also provisionally attached assets worth ₹2,215.98 crore belonging to the SRS Group, and a prosecution complaint was filed in August 2022.Last November, a special court in Gurugram framed charges in a money laundering trial against six individuals and entities linked to the SRS Group.On the basis of an Interpol Red Corner Notice, another promoter, Praveen Kumar Kapoor, was denied entry at Newark International Airport in the US and deported to India by US authorities on November 2, 2025. The ED later arrested him in the same case.During the last Winter Session of Parliament, the government informed the House that despite Vijay Mallya’s claim that he has paid ₹14,000 crore—more than what he owes banks—the government maintains that he still owes ₹22,065 crore. Nirav Modi owes ₹9,065 crore, of which ₹545 crore has been recovered so far. Both have been declared Fugitive Economic Offenders.Fugitive Economic Offenders collectively owe around ₹58,000 crore, including principal and interest amounts. Through seizure and liquidation of assets, the government has recovered ₹19,187 crore so far. Since the enactment of the Fugitive Economic Offenders Act, 54 fugitives have been declared Fugitive Economic Offenders.