ED Arrests Real Estate Promoter in ₹300 Crore Gurugram Fraud Case

The Enforcement Directorate (ED), Gurugram Zonal Office, has made a significant arrest in a money laundering case. On Wednesday, Amit Katyal, a key accused and promoter of Angle Infrastructure Pvt Ltd, was taken into custody. Katyal was subsequently produced before the Special Court (PMLA) in Gurugram, which remanded him to six days of ED custody.

The ED initiated its investigation based on FIRs registered by the Gurugram Police and the Delhi Economic Offences Wing (EOW). The complaints alleged the non-delivery of flats in a project named Krrish Florence Estate, located in Sector 70 on a 14-acre parcel of land in Gurugram. The project involved multiple scheduled offences.

The ED investigation revealed that Katyal fraudulently obtained a licence from another developer and began collecting funds from prospective buyers long before a licence was granted by the Department of Town and Country Planning (DTCP), Haryana. The total proceeds of crime generated through this activity exceed ₹300 crore. The project remained incomplete for over a decade, with only three towers constructed but not finished, leading to the initiation of insolvency proceedings by a homebuyers’ association.

The probe also uncovered several fraudulent bookings made by Katyal with third parties in a project meant for central government employees, as well as the diversion of funds for other purposes, which ultimately stalled the project. Further investigation showed that he alienated part of the licensed land (2 acres), valued at ₹130 crore, to a third party at undervalued rates during insolvency proceedings, in a clear abuse of the process of law under the IBC.

Additionally, the investigation found that significant loans from a public sector bank were diverted through fraudulent transactions, causing the bank a loss of nearly ₹80 crore. “Amit Katyal is also an accused in multiple FIRs registered by Gurugram Police and the Delhi EOW, and is accused of employing a similar modus operandi in other projects such as Krrish World (Sector 63, Gurugram) and Province Estate. Further investigation is in progress,” an official said.

This arrest is a significant step in the ongoing efforts to combat financial crimes and protect the interests of homebuyers and financial institutions. The ED continues to investigate the case to uncover all the details and ensure that justice is served.