ED Attaches Properties Worth Rs.56.86 Crore in Krrish Realtech Fraud Case

23 Oct 2024 CW Team

The Directorate of Enforcement (ED) in Gurugram has provisionally attached properties valued at Rs.568.6 million belonging to M/s Krrish Realtech Pvt. Ltd., Amit Katyal, and others. The action, conducted under the Prevention of Money Laundering Act (PMLA) of 2002, follows allegations of illegal diversion of funds collected from plot buyers.

The ED claims that Krrish Realtech accepted payments from buyers without possessing a valid license from the Department of Town and Country Planning (DTCP). The ED conducted search operations at two premises, leading to the recovery of ?35 lakh in cash and other incriminating evidence. Rajesh Katyal, a key figure in the alleged scheme, was arrested and subsequently placed under seven-day ED custody by a special court in New Delhi.

The investigation stems from multiple FIRs lodged by the Gurugram Police and the Economic Offences Wing (EOW) in New Delhi. These FIRs accuse Amit Katyal, Rajesh Katyal, and their associates of defrauding investors through their companies, M/s Krrish Realtech Pvt. Ltd. and M/s Brahma City Pvt. Ltd. The companies are alleged to have illicitly transferred hundreds of crores abroad through fraudulent schemes.

According to the ED, Rajesh Katyal played a central role in collecting and diverting funds from prospective buyers by falsely offering plots under a DTCP license that was in the name of another company. The investigation is ongoing, and further developments are expected in the case.

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