ED Attaches Properties in Money Laundering Case
Overview
The Enforcement Directorate (ED) has taken action against businessman Amit Katyal and his company, Krrish Realtech Pvt Ltd, by attaching properties worth Rs 56.86 crore. This is part of a case involving the illegal diversion of funds from plot buyers without proper licensing.
Details of the Case
On October 17, the ED’s Gurugram unit attached these properties under the Prevention of Money Laundering Act (PMLA), 2002. Amit Katyal, along with Rajesh Katyal and their associates, are accused of defrauding investors and transferring large sums of money abroad through fraudulent means.
Search Operations and Arrests
On October 18, ED conducted searches at two locations, recovering Rs 35 lakh in cash and other incriminating materials. Rajesh Katyal was arrested on October 19 and presented before a Special Court, which granted ED custody for seven days.
Investigation Findings
The investigation, based on multiple FIRs, revealed that Rajesh Katyal played a key role in collecting and diverting funds from plot buyers under false pretenses. The funds were laundered through companies like Mahadev Infrastructure Pvt Ltd, managed by Rajesh Katyal.
Conclusion
The ED continues to investigate the case, focusing on the illegal activities and fund diversion by Amit Katyal and his associates.
Doubts Revealed
ED -: ED stands for Enforcement Directorate. It is a government agency in India that investigates financial crimes like money laundering.
Money Laundering -: Money laundering is when people try to hide where their money came from, usually because it was earned illegally. They do this to make it look like the money is from a legal source.
Amit Katyal -: Amit Katyal is a businessman involved in this case. He is accused of illegally moving money from people who bought plots of land.
Krrish Realtech Pvt Ltd -: Krrish Realtech Pvt Ltd is a company involved in real estate. In this case, it is accused of being part of the illegal money activities.
Attached Properties -: When the ED ‘attaches’ properties, it means they take control of them because they believe the properties were bought with illegal money. This is done to stop the owners from selling or using them.
Rajesh Katyal -: Rajesh Katyal is another person involved in the case. He is accused of helping in the illegal activities and is currently in custody, which means he is being held by the authorities for questioning.