India Investigates Money Laundering Linked to Krrish Group’s Stalled Project in Sri Lanka
Indian authorities are investigating a money laundering case involving a halted real estate project by the Krrish Group in Sri Lanka. The Enforcement Directorate (ED), which handles economic crime cases, is looking into allegations that the Krrish Group, led by Amit Katyal, took funds from investors for a project in Gurgaon, India, but failed to deliver on the promised plots of land.
After 13 years, no land was given to the investors, despite the company collecting 503 crore Indian rupees (approximately 50 million USD). Instead, funds were allegedly illicitly transferred abroad in a coordinated scheme of fraud and deception, as reported by the Indian Express.
The ED has discovered that Amit Katyal, the promoter of Krrish Realtech Pvt Ltd, redirected funds from Indian investors to a Sri Lankan company, The One Transworks Square Pvt Ltd, previously known as Krrish Transworks Colombo Pvt Ltd. The funds were used to invest in a project in Colombo, Sri Lanka.
The ED has attached assets worth ₹205 crore in Sri Lanka, including 4 acres of land and a share of buildings and structures. The Krrish project in Colombo, which is located in the city’s center, has been halted after only the basic structure was completed.
luxury hotel development
The project in Sri Lanka, a luxury hotel development, has become a focal point in the money laundering investigation. The ED has also attached the leasehold rights to 4 acres of land in Colombo 1 and additional land rights for a project in Gurugram, India.
The money laundering case arose from FIRs filed by the Economic Offences Wing (EOW) of Delhi Police and Gurugram Police against Katyal and his associates. The complaints allege that Krrish Realtech Pvt Ltd defrauded investors and illegally transferred large sums of money abroad through a deceptive scheme.
Despite collecting 503 crore rupees from investors, no plots were provided for over 13 years. Instead, the company allegedly funneled the money into the Sri Lankan project, which was being developed by a company that had strong ties to Krrish Group.
