-SATISH HANDA

Several CBI teams conducted raid at the offices of SRS Group in real estate projects business at Greater Faridabad and other places having SRS Mall in Sector 12 and SRS Tower in Sector 31 as well as residences of directors in Sector 9, Sector 11, Sector 14 and Sector 65 Faridabad allegedly involved in Rs 1100 crore bank frauds availed loans from State Bank of India, Bank of India, Union Bank of India, Oriental Bank of India and Syndicate Bank but stopped payment of loan instalments in all banks with effect from April 2016 and submitted a  writ to Company Law Tribunal declaring firm bankrupt about four years ago.

Tribunal after investigation declared the case as insolvency professional pointing out  that SRS Group procured loans worth amount hundreds crores from different banks, falsely misused the amount in alternate investments falsely declared firm turned as bankrupt. Information reveals, in the year 1n 2019 on the complaint  of Manoj Aggarwal in March 2019 Ministry of Finance referred the case  to CBI for investigation when Enforcement Department of Government of India on the basis of FIR registered with police attached the properties of Group of value worth Rs 2500 crore . According to information, the directors of the firm invested amount of bank loans on purchase of other properties.

Information also reveals that chairman of Group Anil Jindal along with four other directors Vinod Garg, Nanak Tayal, Bishan Bansal and Devinder Adhana were arrested by Faridabad police from a hotel at Delhi on April 5, 2018 and are still behind bars at Faridabad jail on court’s order. Information further reveals that CBI investigation in the case was delayed since all directors had changed their places of residence and some of the buildings in which they were staying hypothecated with banks were found locked by the banks as per court’s orders.