ADVERTISEMENT
ADVERTISEMENT
Fugitive Indian businessman deported from U.S.
Kapoor, co-founder of real estate firm SRS Group, was stopped by U.S. authorities based on an Interpol Red Corner Notice issued at India’s request.
-
Malvika Choudhary - Thu, 06, Nov 2025
- 15:53 EST
- 22
Representative Image / iStock
Fugitive Indian businessman Praveen Kumar Kapoor was deported to India from the United States after being denied entry at Newark International Airport.
Kapoor, 62, co-founder and promoter of the real estate firm SRS Group, was stopped by U.S. authorities based on an Interpol Red Corner Notice issued at the request of India’s Enforcement Directorate (ED), Gurugram Zonal Office. His B1/B2 visa was cancelled, and he was sent back to India on Nov. 2.
Kapoor, a resident of Faridabad in northern India, arrived at Delhi’s Indira Gandhi International Airport on Nov. 2, where he was taken into custody by Faridabad police.He is currently being questioned about the whereabouts of two other absconding promoter-directors of SRS Group — Jitender Kumar Garg and Sunil Jindal — who are believed to be residing in Georgia and Dubai.
The ED initiated a money-laundering investigation against SRS Group following 81 police complaints registered under various sections of India’s Penal Code across Faridabad, Delhi, and by the Central Bureau of Investigation (CBI).
The company has been accused of defrauding investors and banks of about INR 2,200 crore (approximately $265 million) through fraudulent investment schemes and diverted loans.
According to the ED, SRS Group lured investors with promises of high returns and diverted the funds through hundreds of shell companies. “Funds from such investments were deposited in hundreds of shell companies created by SRS Group and were subsequently laundered off,” the agency said in an earlier statement. Assets worth Rs 2,215.98 crore (about $267 million) have been provisionally attached in connection with the case.
Kapoor, who is also the director of Horizon Global Limited and SRS Finance Limited, allegedly conspired with other directors to inflate company accounts through circular transactions and round-tripping of funds to secure loans from banks. The ED said the loans, taken under the pretext of real estate development, were diverted to firms and family members both in India and abroad.
The Special Court for the Prevention of Money Laundering Act (PMLA) in Gurugram has taken cognizance of the prosecution complaint filed by the ED and is framing charges against the accused. Non-bailable warrants were earlier issued against Kapoor, who was subsequently declared a proclaimed offender.
In August, the ED also initiated proceedings under the Fugitive Economic Offenders Act (FEOA) against Kapoor, Garg, and Jindal. Efforts are continuing to secure the return of the remaining absconding promoters.
Further investigation is underway.
Related
ADVERTISEMENT
ADVERTISEMENT
E Paper
Video
Comments
Start the conversation
Become a member of New India Abroad to start commenting.
Sign Up Now
Already have an account? Login