Probe into Alleged Property Fraud: ED Provisionally Attaches Properties Worth Rs.568.6 Million
The Directorate of Enforcement (ED) in Gurugram has taken swift action in an alleged case of money laundering and illegal diversion of funds. The ED has provisionally attached properties worth Rs.568.6 million belonging to M/s Krrish Realtech Pvt. Ltd., Amit Katyal, and others. This action, conducted under the Prevention of Money Laundering Act (PMLA) of 2002, follows allegations of illegal diversion of funds collected from plot buyers.
Funds Misappropriation and License Irregularities Uncovered
The ED has claimed that Krrish Realtech accepted payments from buyers without possessing a valid license from the Department of Town and Country Planning (DTCP). This revelation has serious consequences for both the real estate firm and the individuals involved. The ED’s search operations at two premises have led to the recovery of ?35 lakh in cash and other incriminating evidence.
Arrest of a Key Figure and Continued Investigation
Rajesh Katyal, an important figure in the alleged fraudulent scheme, has been arrest ed by the ED and subsequently placed under seven-day custody. The arrest is based on the suspicions that he played a central role in collecting and diverting funds from prospective buyers by falsely offering plots under a DTCP license. A special court in New Delhi has granted the seven-day custody to the ED for further investigation.
FIRs and Accusations from Gurugram Police and Economic Offences Wing
The Gurugram Police and the Economic Offences Wing (EOW) in New Delhi have lodged multiple First Information Reports (FIRs) against Amit Katyal, Rajesh Katyal, and their associates. These FIRs accuse them of defrauding investors in their companies, M/s Krrish Realtech Pvt. Ltd. and M/s Brahma City Pvt. Ltd. The allegations further suggest that the companies illicitly transferred hundreds of crores abroad through fraudulent schemes.
Ongoing Investigation and Looking Ahead
As the investigation into the alleged property fraud continues, the focus remains on uncovering more evidence to corroborate the allegations. The ED’s provisional attachment of properties valued at Rs.568.6 million is just the beginning of legal actions to recover misappropriated funds and hold those responsible accountable.
The authorities are diligently unraveling the complex web of illicit financial transactions and fraudulent activities associated with the case. Therefore, it’s imperative to closely monitor the developments that unfold in the coming weeks. Public scrutiny will be essential in ensuring justice and preventing future occurrences of such fraudulent schemes in the real estate sector.
