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 move 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 conducted 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.
Investigation Findings
The investigation, based on multiple FIRs, alleges that Amit Katyal, Rajesh Katyal, and their associates defrauded investors and transferred large sums abroad. Rajesh Katyal is identified as a key conspirator in the illegal collection and diversion of funds.
Further Developments
The ED’s investigation continues, focusing on the laundering of over Rs 200 crore through companies controlled by the Katyal brothers, including Mahadev Infrastructure Pvt Ltd. The search operation also resulted in the seizure of Rs 35 lakh in cash.
Doubts Revealed
ED -: ED stands for Enforcement Directorate. It is a government agency in India that investigates financial crimes like money laundering.
Properties Worth Rs 56.86 Crore -: This means that the properties attached by the ED are valued at 56.86 crore rupees, which is a large amount of money in Indian currency.
Amit Katyal -: Amit Katyal is a person involved in this case. He is accused of being part of illegal activities related to money laundering.
Prevention of Money Laundering Act -: This is a law in India that helps prevent and control money laundering, which is the process of making illegal money look legal.
Illegal Diversion of Funds -: This means taking money from its intended purpose or place and using it for something else without permission, which is against the law.
Plot Buyers -: Plot buyers are people who purchase land or plots for building homes or other purposes.
Valid License -: A valid license is an official permission or document that allows someone to do something legally, like selling plots of land.
Rs 35 lakh -: Rs 35 lakh is a sum of money in Indian currency, where 1 lakh equals 100,000 rupees. So, 35 lakh is 3,500,000 rupees.
Rajesh Katyal -: Rajesh Katyal is another person involved in this case. He has been arrested by the ED for his role in the illegal activities.
ED Custody -: ED custody means that the person is being held by the Enforcement Directorate for questioning and investigation.
Fraud -: Fraud is a wrongful or criminal act intended to result in financial or personal gain by deceiving others.
Money Laundering -: Money laundering is the process of making money obtained from illegal activities appear to be earned legally.
Rs 200 crore -: Rs 200 crore is a very large amount of money in Indian currency, where 1 crore equals 10 million rupees. So, 200 crore is 2,000,000,000 rupees.