HomeNewsIndian Investigation Connects Colombo’s Krrish Project to Money Laundering

Indian Investigation Connects Colombo’s Krrish Project to Money Laundering

spot_img

The stalled Krrish Square project in Colombo has been linked to an ongoing money laundering investigation by India’s Enforcement Directorate (ED). The ED has provisionally attached assets associated with the project, including leasehold rights to four acres of land and the partially built structure, valued at over INR 200 crore.

The case revolves around Krrish Realtech Private Limited and its promoter, Amit Katyal, who allegedly collected INR 503 crore from investors for a Gurugram real estate project but failed to deliver plots even after 13 years. Investigations revealed that a significant portion of these funds was diverted to The One Transworks Square (Pvt) Ltd., previously known as Krrish Transworks Colombo Pvt. Ltd., to finance the Colombo project.

Launched during former President Mahinda Rajapaksa’s tenure, Krrish Square was envisioned as a high-end development in the heart of Colombo. However, the project faced numerous delays and controversies, including allegations of secret payments to influential figures. In October 2023, the Sri Lankan government officially reclaimed the project due to prolonged inactivity and is now seeking new investors to revive it.

Today, the unfinished structure is a glaring reminder of stalled ambition, standing incomplete in Colombo’s central business district. Concerns have also been raised about safety hazards, such as the deteriorating crane atop the structure, which poses risks to surrounding areas. (With inputs from The Business Standard – India)

spot_img

Latest articles

India seeks to deepen maritime, defence ties during Minister Rajnath Singh’s Sri Lanka visit: HC

Lanka on a 3-day visit to the island nation. Leading a high-level delegation, Raksha...

SDIG Ajith Rohana Retires After 38 Years of Police Service

Attorney-at-Law Dr. Ajith Rohana, who served as the Senior Deputy Inspector General of Police...

Chamal Rajapaksa Arrives at Bribery Commission

Former Minister and former Speaker of Parliament, Chamal Rajapaksa, has arrived at the Commission...

Dilantha Malagamuwa Linked to Alleged Forged-Deed Land Deal: What We Know

The Colombo Magistrate’s Court yesterday (7) rejected a request by the Criminal Investigation Department...

More like this

India seeks to deepen maritime, defence ties during Minister Rajnath Singh’s Sri Lanka visit: HC

Lanka on a 3-day visit to the island nation. Leading a high-level delegation, Raksha...

SDIG Ajith Rohana Retires After 38 Years of Police Service

Attorney-at-Law Dr. Ajith Rohana, who served as the Senior Deputy Inspector General of Police...

Chamal Rajapaksa Arrives at Bribery Commission

Former Minister and former Speaker of Parliament, Chamal Rajapaksa, has arrived at the Commission...