ED Attaches Rs 56.86 Crore Assets in Massive Real Estate Fraud Probe

In a significant development, the Enforcement Directorate (ED) has provisionally attached assets worth Rs 56.86 crore linked to Amit Katyal and others under the Prevention of Money Laundering Act (PMLA), 2002. The case involves the illegal siphoning and diversion of funds from real estate plot buyers.

The Enforcement Directorate (ED) in Gurugram has taken decisive action by provisionally attaching properties valued at Rs 56.86 crore belonging to Amit Katyal and others. This move is part of an ongoing investigation under the Prevention of Money Laundering Act (PMLA), 2002, into allegations of siphoning and illegal diversion of funds from real estate plot buyers.

On October 18, ED officials conducted search operations at two locations, resulting in the recovery of Rs 35 lakh in cash and incriminating evidence. Rajesh Katyal was arrested on October 19 and subsequently presented before the Special Court in Saket, New Delhi, which granted a seven-day custody to the ED. The investigation was triggered by multiple FIRs lodged by Gurugram Police and the Economic Offences Wing (EOW) in Delhi against Amit Katyal, Rajesh Katyal, and their associates.

The investigation has unveiled Rajesh Katyal as a key conspirator in the fraudulent collection and diversion of funds from prospective plot buyers, using false pretenses of allotment agreements through a DTCP Licence under a different company's name. The fraudulent activities, involving cheating and deception, allegedly facilitated the transfer of hundreds of crores abroad. Authorities have deemed these transactions illegal as per a DTCP order dated February 10, 2022.

(With inputs from agencies.)