Kanta Katyal Vs Deputy Director (Appellate Tribunal under SAFEMA, New Delhi)
No Predicate Offence, No Proceeds of Crime: SAFEMA Tribunal Lifts ₹161.22 Crore PMLA Attachment
Summary: A batch of appeals was filed by members of the Katyal family, family trusts, group companies, financial institutions & other affected parties challenging confirmation of a Provisional Attachment Order under the Prevention of Money Laundering Act, 2002.
The ED issued the PAO on 6 August 2024, attaching movable & immovable properties valued at ₹161,21,94,504. The Adjudicating Authority confirmed the attachment on 29 January 2025, holding that the properties represented proceeds of crime generated through offences allegedly committed by companies of the Krrish Group & their promoters.
The proceedings originated from eight FIRs registered between 2013 & 2022 by the Delhi Police Economic Offences Wing & Haryana Police against Brahma City Private Limited, Krrish Realtech Private Limited, Angle Infrastructures Private Limited, their directors & key executives, including Amit Katyal & Rajesh Katyal.
The alleged offences included criminal conspiracy, breach of trust, cheating, forgery & use of forged documents under the IPC.
Allegations of the ED
The ED alleged that Krrish Realtech collected large advances from prospective buyers for development of 466 plots in Gurugram. Buyer advances allegedly increased from ₹103.05 crore in FY 2010-11 to ₹503.09 crore by FY 2020-21.
