HomeNewsIndian Investigation Connects Colombo’s Krrish Project to Money Laundering

Indian 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

Police seeks FBI assistance to unlock Kapila Chandrasena’s phone

The Colombo Crimes Division (CCD) informed the Colombo Fort Magistrate’s Court yesterday that it...

Health, Education Ministries in talks on age-appropriate sex education for schools

The Health and Education Ministries have held several rounds of discussions on introducing age-appropriate...

PC Polls: Nalinda Disputes Tilvin’s Claims of Funding Shortfall

Contradicting recent remarks by JVP General Secretary Tilvin Silva, Cabinet Spokesman and Minister Nalinda...

Govt to table anti-defection Bill to strip seats of party-switching MPs

The Government expects to soon present to Parliament a draft Bill aimed at cancelling...

More like this

Police seeks FBI assistance to unlock Kapila Chandrasena’s phone

The Colombo Crimes Division (CCD) informed the Colombo Fort Magistrate’s Court yesterday that it...

Health, Education Ministries in talks on age-appropriate sex education for schools

The Health and Education Ministries have held several rounds of discussions on introducing age-appropriate...

PC Polls: Nalinda Disputes Tilvin’s Claims of Funding Shortfall

Contradicting recent remarks by JVP General Secretary Tilvin Silva, Cabinet Spokesman and Minister Nalinda...