India- West News Desk
NEW DELHI– United States authorities have deported Praveen Kumar Kapoor, a key promoter and co-founder of the SRS Group, to India in connection with a vast Rs 2,200 crore money laundering case.
Kapoor, who had been absconding for several years, was stopped at Newark International Airport by US officials. Upon his arrival at New Delhi on November 2, Indian law enforcement agencies, took him into custody.
The real estate conglomerate stands accused of defrauding banks and thousands of investors to the tune of Rs 2,200 crore.
Investigators found that SRS Group entities and their directors misled investors with assurances of high returns on residential and commercial property schemes. The substantial capital raised from these schemes was systematically channeled and concealed through an extensive network of hundreds of shell companies established by the group.
The ED probe also targets the two other key promoter-directors of the SRS Group, Jitender Kumar Garg and Sunil Jindal, who also remain at large.
