New Delhi : The Enforcement Directorate (ED), Gurugram has provisionally attached properties worth Rs 56.86 crore of Amit Katyal and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with a siphoning and illegal diversion of plot buyers’ money case.
“Directorate of Enforcement (ED), Gurugram has provisionally attached properties of M/s Krrish Realtech Pvt. Ltd., Amit Katyal and others on 17.10.2024 worth Rs. 56.86 Crore under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of Amit Katyal, M/s Krrish Realtech Pvt. Ltd. in connection with siphoning and illegal diversion of plot buyers’ money by accepting the same without having any licence from DTCP in its name,” as per an official release.
Further, ED conducted search operations at two premises on October 18, leading to recovery of Rs 35 lakh in cash and incriminating material. During the course of the investigation, Rajesh Katyal was arrested on October 19 and the same day produced before the Hon’ble Special Court, Saket, New Delhi. The Hon’ble Court on October 19, granted ED Custody for seven days, ED stated in the release.
“ED initiated an 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, Rajesh Katyal, and their associates, wherein it is alleged that both M/s Krrish Realtech Pvt. Ltd. and M/s Brahma City 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,” as per the release.
ED investigation revealed that Rajesh Katyal is one of the key conspirators in the collection and diversion of hundreds of crores from prospective plot buyers on the pretext of allotment of plots by entering into agreements with such prospective plot buyers on the basis of a DTCP License in the name of a different company. Such fraudulent collection of funds against a company without any licence was deemed to be illegal by DTCP in its order dated February 10, 2022, the release stated.
“Amit Katyal, Rajesh Katyal laundered the Proceeds of Crime (POC) of more than Rs 200 Crore through their companies and more particularly through Mahadev Infrastructure Pvt Ltd, which was controlled and managed by the Rajesh Katyal. Such POC were diverted and appropriated by Amit Katyal, Rajesh Katyal,” as per the release.
The search operation also led to recovery and seizure of Cash Rs 35 lakh, with further investigations ongoing, ED stated in the release. Further investigation is under progress.