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

Sugeeshwara Bandara Arrested Over Dual Salary Probe

Sugeeshwara Bandara, a former private secretary to former President Gotabaya Rajapaksa, has been arrested...

50% Surcharge Imposed on Imported Cars and Jeeps to Curb Dollar Demand

The Government has imposed a 50% surcharge on customs duties applicable to privately imported...

Catholic Church Rejects Bimal’s Claim on Shani, Ravi Appointments

The Catholic Church has rejected claims that it requested the Government to appoint former...

Sri Lankan Monk Among Seven Arrested in U.S. Prostitution Sting

A Sri Lankan Buddhist monk serving as a university chaplain in the United States...

More like this

Sugeeshwara Bandara Arrested Over Dual Salary Probe

Sugeeshwara Bandara, a former private secretary to former President Gotabaya Rajapaksa, has been arrested...

50% Surcharge Imposed on Imported Cars and Jeeps to Curb Dollar Demand

The Government has imposed a 50% surcharge on customs duties applicable to privately imported...

Catholic Church Rejects Bimal’s Claim on Shani, Ravi Appointments

The Catholic Church has rejected claims that it requested the Government to appoint former...