New Delhi [India]: The Enforcement Directorate (ED) has attached properties of businessman Amit Katyal, his Krrish Realtech Pvt Ltd, and others worth Rs 56.86 crore in a case linked with siphoning and illegal diversion of plot buyers’ money by accepting the same without having any license from directorate of town and country planning (DTCP) in its name.
ED’s Gurugram unit attached these properties on October 17 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Amit Katyal, the accused of money laundering in the alleged land for railway jobs scam in which former railway minister Lalu Prasad Yadav too is an accused, Rajesh Katyal, and their associates are named in an ED case, wherein it is alleged that both Krrish Realtech Pvt Ltd and Brahma City Pvt Ltd engaged in real estate business, have defrauded numerous investors and illicitly transferred hundreds of crores of rupees abroad through a coordinated scheme involving cheating, deception, and fraud.
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, ED arrested Rajesh Katyal on October 19 and same day produced him before a Special Court here in the national capital which granted him ED custody for seven days.
ED initiated the investigation based on multiple First Information Reports (FIRs) registered by the Gurugram Police and Economic Offences Wing (EOW), New Delhi, under various sections of the IPC, 1860, against Amit Katyal.
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 license was deemed to be illegal by DTCP in its order dated February 10, 2022. Amit Katyal and 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 Rajesh Katyal. Such POC were diverted and appropriated by Amit Katyal, and Rajesh Katyal. The search operation also led to recovery and seizure of cash Rs 35 lakh with further investigations ongoing,” added the agency.