India News | SRS Group Co-founder Praveen Kapoor Deported from US Following ED Action
Get latest articles and stories on India at LatestLY. The SRS group money laundering case, Praveen Kumar Kapoor, co-founder and promoter of the real estate conglomerate, has been deported to India by US authorities following a Red Corner Notice issued by Interpol at the request of the Enforcement Directorate (ED).
New Delhi [India], November 6 (ANI): The SRS group money laundering case, Praveen Kumar Kapoor, co-founder and promoter of the real estate conglomerate, has been deported to India by US authorities following a Red Corner Notice issued by Interpol at the request of the Enforcement Directorate (ED).
ED said Kapoor was denied entry at Newark International Airport in the United States, after which his B1/B2 visa was cancelled, and he was subsequently deported to New Delhi on November 2, where he was intercepted by Indian law enforcement agencies acting on a Lookout Circular (LOC) issued by the ED's Gurugram Zonal Office.
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ED's money laundering probe against the SRS group stems from 81 First Information Reports registered under various sections of the Indian Penal Code (IPC), 1860, at police stations across Faridabad, Delhi, and by the Central Bureau of Investigation (CBI). The group has been accused of defrauding investors and banks of around Rs 2,200 crore.
ED said its investigations revealed that the accused lured investors with promises of high returns on investments in residential and commercial projects.
"The funds collected were routed through hundreds of shell companies floated by the group and later laundered," said the agency, adding, "it has already issued a Provisional Attachment Order worth Rs 2,215.98 crore in the case."
Kapoor, along with co-promoters Jitender Kumar Garg and Sunil Jindal, had been evading investigation for several years and absconding. He was named as an accused in the Prosecution Complaint filed before the special PMLA court in Gurugram, which has taken cognisance of the case and begun framing charges.
Following the ED's efforts, non-bailable warrants were issued against Kapoor, and he was declared a Proclaimed Offender by the court.
The agency has also initiated proceedings under the Fugitive Economic Offenders Act (FEOA) to declare Kapoor, Garg, and Jindal as fugitive economic offenders.
ED said it is continuing efforts to secure the return or extradition of the remaining absconding promoters, and further investigation is underway. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)