ED Attaches Properties Worth Rs 56.86 Crore in Amit Katyal Case
The Enforcement Directorate (ED) in Gurugram has taken action against Amit Katyal and others by attaching properties valued at Rs 56.86 crore. This is part of an investigation under the Prevention of Money Laundering Act (PMLA), 2002, related to the illegal diversion of funds from plot buyers.
Details of the Case
On October 17, 2024, the ED provisionally attached properties belonging to M/s Krrish Realtech Pvt. Ltd., Amit Katyal, and others. The investigation revealed that funds were collected from plot buyers without a valid license from the Department of Town and Country Planning (DTCP).
Search Operations and Arrests
Search operations on October 18 led to the recovery of Rs 35 lakh in cash and incriminating materials. Rajesh Katyal was arrested on October 19 and presented before the Special Court in Saket, New Delhi, which granted ED custody for seven days.
Background of the Investigation
The investigation was initiated based on multiple FIRs filed by the Gurugram Police and Economic Offences Wing (EOW), New Delhi. It was alleged that M/s Krrish Realtech Pvt. Ltd. and M/s Brahma City Pvt Ltd defrauded investors and transferred large sums abroad through fraudulent means.
Key Findings
Rajesh Katyal was identified as a key conspirator in the illegal collection and diversion of funds. The funds were laundered through companies like Mahadev Infrastructure Pvt Ltd, managed by Rajesh Katyal. The investigation is ongoing.
Doubts Revealed
ED -: ED stands for Enforcement Directorate. It is a government agency in India that investigates financial crimes like money laundering.
Rs 56.86 Crore -: Rs 56.86 Crore is a large amount of money in Indian currency, where ‘Rs’ stands for Rupees. One crore is equal to ten million, so 56.86 crore is 568.6 million rupees.
Amit Katyal -: Amit Katyal is a person involved in this case. The Enforcement Directorate has attached his properties because of alleged illegal activities.
Prevention of Money Laundering Act -: This is a law in India that helps prevent and control money laundering. Money laundering is when people try to hide where their money really came from, especially if it was earned illegally.
Gurugram -: Gurugram, also known as Gurgaon, is a city near New Delhi in India. It is known for its modern infrastructure and is a major financial and industrial hub.
FIR -: FIR stands for First Information Report. It is a document prepared by the police in India when they receive information about a crime.
EOW -: EOW stands for Economic Offences Wing. It is a special branch of the police that deals with crimes related to money and finance.
M/s Krrish Realtech Pvt. Ltd. -: This is a private company involved in the case. ‘M/s’ is short for ‘Messrs’, a term used to refer to a company or business.
M/s Brahma City Pvt Ltd -: This is another private company involved in the case. Like Krrish Realtech, it is being investigated for fraudulent activities.