ED attaches ₹224-crore assets in Krrish Realtech case
The Hindu
Enforcement Directorate attaches assets worth ₹224.08 crore in money laundering case involving Krrish Realtech Private Limited.
The Enforcement Directorate has attached assets worth ₹224.08 crore, including under-construction luxury hotel projects and leasehold rights over four-acre land in Sri Lanka’s Colombo, in connection with a money laundering case involving Krrish Realtech Private Limited and others.
Among the attached properties are the land rights of Vicinity Hotels Private Limited in the name of Good Earth Business Park Private Limited, measuring 2.825 acres in Gurugram, Haryana. The action has been taken under the Prevention of Money Laundering Act.
The ED probe is based on multiple first information reports registered by the Gurugram police and the Economic Offences Wing (Delhi) against accused Amit Katyal and others, alleging that Krrish Realtech – engaged in the real estate business – cheated investors and illegally transferred hundreds of crores abroad through a coordinated scheme.
It is alleged that the company had duped and defrauded numerous plot buyers by resorting to cheating and misrepresentation of facts relating to a project. It floated the project to provide residential plots at the centre of Gurugram. However, despite the lapse of more than 13 years, no plots were provided to the buyers, despite collecting about ₹503 crore from them.
The ED investigation revealed that “the promoter of the company, Amit Katyal, wilfully siphoned off funds, collected from various plot buyers and investors, overseas in a Sri Lankan company named The One Transworks Square (Pvt) Ltd, formerly Krrish Transworks Colombo (Private) Limited, which was developing a luxury real estate project in Sri Lanka”.
The promoter allegedly resorted to diversion, layering, and concealment, and projected the funds as legitimate income. “Therefore, the proceeds of crime (POC) to the tune of ₹205 crore in Colombo, Sri Lanka, in the form of land measuring four acre, and the undivided share of building and structure over constructed share, have been attached by the ED,” said the agency.
The agency alleged that funds were also diverted to NCR Business Park Private Limited, now known as Good Earth Business Park Private Limited. Accordingly, assets worth ₹19.08 crore in the form of land measuring 2.825 acre located in Gurugram’s Badshahpur and Ghasola villages, in the name of the Good Earth Business Park, were seized.
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