Indian financial investigation agencies have identified a direct connection between illicitly earned funds and the Krish mixed development project in Colombo Fort. The project, currently stalled, has drawn scrutiny from Indian authorities, who have launched an investigation into Krish Real Tech Company, its promoter Amit Katyal, and several associated individuals.
The Gurugram regional office of an Indian law enforcement agency in New Delhi uncovered that assets worth ₹224.08 crore, allegedly acquired through illicit means, include a four-acre land parcel and a partially completed luxury hotel in Colombo. These revelations have raised concerns over money laundering and fraudulent investments in Sri Lanka’s real estate sector.
The investigation has found that Amit Katyal, his associates, and Krish Realtech Private Limited misled numerous investors to collect substantial sums, transferring large amounts to multiple countries. The company reportedly committed fraud by deceiving individuals and providing false information about its projects.
Key findings emerged from complaints regarding an apartment project in Gurugram, New Delhi, where Katyal allegedly failed to deliver homes to investors for over 13 years. The investigation revealed that ₹503 crore collected from these housing investors was funneled into the account of The One Transworks Square Private Limited, formerly known as Krish Transworks Square Limited. This prompted Indian authorities to expand their inquiry into the financial dealings of the company and its associates.
The case highlights significant cross-border implications, as Indian black money appears to have been laundered through investments in Sri Lanka’s high-profile real estate projects. Further investigations are ongoing to trace the full extent of the fraud and its impact on both Indian and Sri Lankan financial systems.
