Gurugram Realty Firm Misappropriates ₹205 Crore from Home Buyers for Colombo Hotel Project
A Gurugram-based real estate company, Krrish Realtech, allegedly collected over ₹500 crore from home buyers under false pretenses and diverted ₹205 crore of these funds to a hotel project in Colombo, Sri Lanka, according to the Enforcement Directorate (ED).
Real EstateFraudHomebuyersEnforcement DirectorateColomboReal Estate NewsAug 26, 2025
The ED’s investigation revealed that the funds were diverted to personal accounts of Katyal and other shell companies beneficially owned by him and his family. The accused used dummy directors in these shell companies to hold various immovable properties. A significant portion of the funds, specifically ₹205 crore, was funneled through a shell company named Mahadev Infrastructure to finance the real estate-cum-hotel project in Colombo.
The investigation also uncovered that Katyal’s son, who has taken citizenship of Saint Kitts and Nevis, is claiming beneficial ownership of the assets located in Sri Lanka. The ED has attached assets in this case, including the realty project in Sri Lanka and lands in Sector 63, 65, and 70 of Gurugram, as well as some immovable properties in Delhi.
The ED’s probe found that Katyal never intended to hand over the plots to the gullible buyers. Instead, he made multiple attempts to alienate the undeveloped land from genuine plot buyers. These attempts included allotting the plots to multiple investors, creating fictitious creditors to file a prepackaged insolvency petition before the NCLT, and intentional misrepresentation of plot buyers’ lists before the Supreme Court-appointed referee.
The plot buyers objected to the company’s application before the NCLT, leading to its withdrawal. The ED’s investigation further revealed that the list of plot buyers submitted to the Justice Gita Mittal committee was falsified to the promoter's advantage. The ED identified additional plot buyers who were not part of the list submitted to the committee, highlighting the fraudulent acts of the promoters.
This case is part of a broader investigation into homebuyers' fraud cases across the country, with many registered in the National Capital Region (NCR) due to the booming real estate sector. The ED is working to ensure that such fraudulent activities are brought to light and the aggrieved homebuyers receive justice.
Frequently Asked Questions
What is the total amount collected by the real estate group from home buyers?
The real estate group, Krrish Realtech, collected over ₹500 crore from home buyers.
How much of the collected funds were diverted to a hotel project in Colombo?
₹205 crore of the collected funds were diverted to a hotel project in Colombo, Sri Lanka.
Who is the promoter of Krrish Realtech?
The promoter of Krrish Realtech is Amit Katyal.
What other properties were purchased using the diverted funds?
Funds were also used to purchase properties, lands, and flats in the name of front companies and family members of the promoters.
What actions did the ED take in this case?
The ED filed a chargesheet, conducted searches, and attached assets, including the realty project in Sri Lanka and lands in Gurugram and Delhi.
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