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Luxury abroad, fraud at home – investors left cheated.

Krrish Realtech Diverts ₹205 Crore Homebuyers’ Funds to Colombo Hotel: ED                                                                                                                                           

The Enforcement Directorate (ED) has charged Gurugram-based realty group Krrish Realtech and its promoter Amit Katyal for allegedly defrauding homebuyers. The group collected over ₹500 crore from more than 400 customers for housing plots in Gurugram without valid licenses. Instead of delivering, around ₹205 crore was diverted to a hotel project in Colombo, Sri Lanka, through the shell company Mahadev Infrastructure. Investigators found funds further routed into properties and flats under front companies and family members’ names. Katyal’s son, now a citizen of Saint Kitts and Nevis, was linked to assets in Sri Lanka. ED alleges the promoters never intended to hand over plots but instead misrepresented buyer lists, created fictitious creditors, and manipulated insolvency proceedings to escape liabilities. Assets in Gurugram, Delhi, and Sri Lanka have been attached. The case stems from FIRs filed by Delhi and Gurugram police, highlighting one of NCR’s biggest real estate frauds.