**Title:** Krrish Realtech Under ED Investigation for ₹500 Crore Fraud
**Meta Description:** Krrish Realtech and promoter Amit Katyal face ED scrutiny for allegedly diverting ₹205 crore from homebuyers to a Sri Lanka hotel project.
**URL Slug:** krrish-realtech-ed-investigation-fraud
**Headline:** Krrish Realtech and Amit Katyal Investigated for Alleged ₹500 Crore Fraud
Krrish Realtech, a real estate group based in Gurugram, along with its promoter Amit Katyal, is currently under investigation by the Enforcement Directorate (ED) for allegedly collecting over ₹500 crore from homebuyers for housing plots. The investigation reveals that approximately ₹205 crore of these funds may have been diverted to a hotel project in Sri Lanka.
The ED’s chargesheet indicates that it is examining complaints from numerous homebuyers across India, particularly those in the Delhi NCR region, under the anti-money laundering law. Notably, Katyal was previously arrested in 2023 in connection with a separate money laundering case linked to a land-for-jobs scam involving prominent political figures.
In July, the ED’s Gurugram zonal office filed a chargesheet against Krrish Realtech and its promoters, leading to a notice from the local special Prevention of Money Laundering Act (PMLA) court on August 19. The ED’s investigation has uncovered allegations of cheating and fraudulent activities by Katyal, who reportedly enticed unsuspecting buyers into booking plots for projects that lacked the necessary legal licenses. The agency claims that his group collected over ₹500 crore from more than 400 customers without the required approvals.
The ED asserts that the “proceeds of crime” from this alleged fraud were quickly funneled into the personal accounts of Katyal and various shell companies owned by him and his family. These shell companies, which employed “dummy” directors, were found to hold various immovable properties. The investigation revealed that ₹205 crore collected from homebuyers was allegedly redirected to a real estate and hotel project in Colombo, Sri Lanka, through a shell company named Mahadev Infrastructure. Additionally, some of these funds were reportedly used to acquire properties and land under the names of purported “front” companies, including Good Earth Pvt. Ltd. and Heaven Tradelink Pvt. Ltd.
Further scrutiny uncovered that Katyal’s son, who holds citizenship in Saint Kitts and Nevis, is claiming beneficial ownership of assets located in Sri Lanka. The ED’s money laundering case is rooted in FIRs filed by the Delhi Police and the Gurugram Police Economic Offences Wing (EOW). The agency conducted searches last year and has since attached assets, including the real estate project in Sri Lanka and properties in Gurugram and Delhi.
In summary, the ongoing investigation into Krrish Realtech and Amit Katyal highlights serious allegations of financial misconduct and raises questions about the integrity of real estate practices in the region.
**FAQ Section:**
**Q: What are the allegations against Krrish Realtech?**
A: Krrish Realtech and its promoter Amit Katyal are accused of collecting over ₹500 crore from homebuyers for housing plots and allegedly diverting a significant portion of these funds to a hotel project in Sri Lanka.
