ECONOMYNEXT – Authorities in India who are probing a money laundering case has included a stalled real estate project initiated by the Krrish group in Sri Lanka as part of assets involved in the scheme, a media report said.
India’s Enforcement Directorate, an anti-economic crime unit is probing a case where a company called Krrish Realtech Pvt Ltd and promoter including Amit Katyal is alleged to have taken funds from investors for a real estate project in Gurgaon, India.
After 13 years no plots of land have been given to the investors from whom 503 crore (core = 10 million) India rupees, have been taken.
Instead, funds have been “illicitly transferred hundreds of crores abroad through a coordinated scheme involving cheating, deception and fraud,” the Indian Express Newspaper said quoting the Enforcement Directorate.
The ED has found that the “the promoter of the company, Amit Katyal, wilfully siphoned off funds, collected from various plot buyers and investors, overseas in a Sri Lankan company named The One Transworks Square (Pvt) Ltd, formerly Krrish Transworks Colombo (Private) Limited,” the Hindu newspaper said.
“Therefore, the proceeds of crime (POC) to the tune of ₹205 crore in Colombo, Sri Lanka, in the form of land measuring four acre, and the undivided share of building and structure over constructed share, have been attached by the ED.”
The Krrish project in the centre of Sri Lanka’s capital, Colombo is currently halted after only its basic superstructure was built.
Related
Sri Lanka govt has taken over Krrish project, in search of new investor: Minister
Sri Lanka police arrest Krrish CEO over financial fraud links
Sri Lankan apartment buyers who paid money have also complained to police. (Colombo/Jan17/2025)
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