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

Terror Attack Outside Sri Lankan Embassy in Jordan Kills Police Officer

A Jordanian police officer has been killed in a suspected terrorist attack outside the...

Former Civil Security officer remanded over suspected removal of dead tusker’s tusk

A former Civil Security officer suspected of cutting off a tusk from a tusker...

Court freezes Rakitha Rajapaksha’s bank accounts and vehicles for three months

The Colombo High Court ordered a three-month freeze on bank accounts and vehicles belonging...

TIN certificate requirement for eight transactions postponed to April 2027

The Inland Revenue Department (IRD) has postponed the mandatory submission of Taxpayer Identification Number...

More like this

Terror Attack Outside Sri Lankan Embassy in Jordan Kills Police Officer

A Jordanian police officer has been killed in a suspected terrorist attack outside the...

Former Civil Security officer remanded over suspected removal of dead tusker’s tusk

A former Civil Security officer suspected of cutting off a tusk from a tusker...

Court freezes Rakitha Rajapaksha’s bank accounts and vehicles for three months

The Colombo High Court ordered a three-month freeze on bank accounts and vehicles belonging...