ED attaches properties worth Rs. 224 cr of Krrish Realtech Private Limited
The company had collected hard earned money of Rs. 503 Crore belonging to innocent plot buyers : ED
New Delhi, January 17
Directorate of Enforcement (ED) has provisionally attached immovable properties worth Rs. 224.08 crores in the case of Krrish Realtech Private Limited, Amit Katyal and others.
The attached properties are in the form of under construction luxury hotel projects and leashold rights over 4 acres at 1, Colombo in Srilanka and land rights of Vicinity Hotels Pvt. Ltd in the name of Good Earth Business Park Pvt. Ltd., measuring 2.825 acres situated at Sector 66, Gurugram, Haryana under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
ED initiated investigation on the basis of multiple FIRs registered by the Gurugram Police and Economic Offences Wing (EOW), New Delhi, under various sections of the IPC, 1860, against Amit
Katyal and their associates, wherein it is alleged that both M/s Krrish Realtech Pvt. Ltd. engaged in real estate business, have defrauded numerous investors and illicitly transferred hundreds of crores abroad through a coordinated scheme involving cheating, deception and fraud. The company had duped and defrauded numerous plot buyers by resorting to cheating and misrepresentation of facts
relating to the project.
The company floated a project to provide residential plots at the centre of Gurgaon. However, despite the laspe of more than 13 years no plots were provided to the plot buyers.
The company had collected hard earned money of Rs. 503 Crore belonging to innocent plot buyers.
ED investigation revealed that the promoter of the company Amit Katyal willingly siphoned off
funds, collected from various plot buyers and investors, overseas in a Sri Lankan company.- The One Transworks Square (Pvt) Ltd Formerly Krrish Transworks Colombo (Private) Limited which
was developing a luxury real estate project in Sri Lanka. For the said purpose the promoter has resorted to diversion layering and concealment of funds and projected the funds as legitimate income.
Proceeds of Crime (POC) to the tune of Rs. 205 Crore in Colombo, Sri Lanka in the form of Land measuring 04 Acres and the undivided share of building and structure over constructed share has been attached by ED.
During investigation it was gathered the accused have also siphoned off funds into a company named NCR Business Park Private Limited, now known as Good Earth Business Park Private Limited.
The said siphoning done by the accused is the proceeds of crime collected from various plot buyers and investors through diversion and layering. Thus, POC to the tune of Rs. 19.08 Crore in the form of land measuring 2.825 Acres situated at Village Badshahpur and Village Ghasola, Sector 66, Gurugram in the name of the Good Earth Business Park Private Limited earlier known as NCR Business Park Private Limited has also been attached by ED.
