ED Attaches Properties Worth Rs 56.86 Crore in Money Laundering Case
Overview of the Enforcement Directorate Actions
The Enforcement Directorate (ED) in Gurugram has provisionally attached assets valued at Rs 56.86 crore belonging to Amit Katyal and associated individuals. This action is in connection with a money laundering case involving the improper siphoning and diversion of funds from plot buyers, as per the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The provisional attachment took place on October 17, 2024.
According to an official statement, the properties linked to M/s Krrish Realtech Pvt. Ltd., Amit Katyal, and others were targeted due to their involvement in soliciting payments from plot buyers without the necessary licenses from the Department of Town and Country Planning (DTCP). The ED’s investigation suggests that these funds were misappropriated under fraudulent pretenses.
Search Operations and Arrests
On October 18, 2024, the ED executed search operations at two locations, which resulted in the recovery of Rs 35 lakh in cash and other incriminating documents. Following these searches, authorities arrested Rajesh Katyal on October 19, and he was subsequently presented before a Special Court in Saket, New Delhi.
The court granted the ED custody of Rajesh Katyal for a duration of seven days to facilitate further questioning and investigation.
Details of the Allegations
The investigation was initiated based on multiple First Information Reports (FIRs) filed by Gurugram Police and the Economic Offences Wing (EOW) of New Delhi. These FIRs accuse Amit Katyal, Rajesh Katyal, and their associates of deceiving several investors and illicitly transferring substantial sums of money abroad as part of a coordinated fraudulent scheme. The involved companies, M/s Krrish Realtech Pvt. Ltd. and M/s Brahma City Pvt. Ltd., are reportedly engaged in the real estate sector.
The ED’s findings suggest that Rajesh Katyal played a pivotal role in orchestrating the collection and misdirection of hundreds of crores from prospective plot purchasers. These activities were conducted by entering into agreements for plot allotments under a DTCP license associated with another company. An official order from the DTCP on February 10, 2022, declared this collection of funds illegal due to the lack of proper licensing.
Laundering of Proceeds of Crime
Authorities have indicated that Amit Katyal and Rajesh Katyal are suspected of laundering more than Rs 200 crore through various enterprises, especially utilizing Mahadev Infrastructure Pvt. Ltd., which is under the control and management of Rajesh Katyal. The proceedings of crime were reportedly diverted and appropriated by both individuals.
The ED continues to advance its investigation into the case with additional inquiries ongoing as of the latest updates. The financial and operational activities of the implicated entities are under scrutiny as the ED gathers further evidence related to this significant money-laundering operation.
