Who is Amit Katyal and what is he accused of?

Amit Katyal is a real estate businessman arrested by the Enforcement Directorate for alleged involvement in money laundering and defrauding homebuyers.

What is the Enforcement Directorate investigating regarding the bank?

The ED is investigating a public sector bank for allegedly assisting Amit Katyal illegally during insolvency and in fraudulent property deals.

What allegations are made against Amit Katyal in Gurugram?

Katyal is accused of collecting funds from prospective buyers for a housing project before obtaining the necessary license and leaving the project incomplete.

Home / Crime and Justice / ED Nabs Tycoon Amit Katyal, Uncovers Bank Collusion

ED Nabs Tycoon Amit Katyal, Uncovers Bank Collusion

24 Nov

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Summary

Bankers allegedly colluded with tycoon Amit Katyal in a money laundering case.
Katyal is accused of defrauding homebuyers and illegal land deals.
The investigation involves a public sector bank's dubious insolvency assistance.

ED Nabs Tycoon Amit Katyal, Uncovers Bank Collusion

Real estate tycoon Amit Katyal has been arrested by the Enforcement Directorate (ED) in connection with a significant money laundering case and alleged fraud against homebuyers. Reports indicate that a public sector bank may have facilitated Katyal's illicit gains through a questionable insolvency process.

The ED's investigation centers on allegations that bankers provided unlawful assistance to Katyal, leading to a substantial financial loss for the bank and fraudulent property transactions. This includes the alleged illegal sale of two acres of land, valued at Rs 130 crore, for a mere Rs 33 crore, despite the bank taking an 80% hit on its loan.

Katyal faces multiple charges, including cheating homebuyers of Rs 500 crore and laundering funds internationally. The current probe stems from FIRs filed by Gurugram and Delhi Police regarding the non-delivery of flats in a Gurugram project, which has remained incomplete for over a decade, leaving many prospective buyers in distress.

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