Luxury Homes and Farmland Frozen: ED's Bold Move in Krrish Realtech Money Laundering Probe.


08 August 2024
On August 6, 2024, the Directorate of Enforcement (ED) in Gurugram attached properties worth Rs. 113.03 Crore belonging to M/s Krrish Realtech Pvt. Ltd., Amit Katyal, and others under the Prevention of Money Laundering Act (PMLA), 2002. This action is related to allegations against Krrish Realtech Pvt. Ltd. and its associates for misusing plot buyers' funds and operating without a valid license from the Directorate of Town and Country Planning (DTCP). Investigations began following multiple FIRs filed by Gurugram Police and the Economic Offenses Wing (EOW) of New Delhi, accusing them of defrauding investors through illegal activities and fund diversion.

 

In March 2024, the ED conducted searches and uncovered incriminating evidence, revealing that over Rs. 200 Crore of illicit funds were invested abroad in luxury real estate projects in Sri Lanka and St. Kitts & Nevis. These investments were linked to shell companies, with beneficial ownership traced to Krishan Katyal, Amit Katyal's son.

The attached assets include 70 acres of land in Gurugram, multiple flats in Gurugram and Mumbai, a luxury farmhouse in Jonapur, New Delhi, and a commercial property in New Delhi. Additionally, Fixed Deposits worth Rs. 27 Crore held by associates were found to be used for parking proceeds of crime in the names of companies and close relatives of Amit Katyal.