ED Attaches Properties Worth Rs. 6.17 Crore Linked to Kalpataru Group in Major Money Laundering Case
(Judicial Quest News Network)
The Directorate of Enforcement (ED), Lucknow Zonal Office, has attached three immovable properties worth approximately Rs. 6.17 Crore on 27th March 2025. These assets, located in Ahmedabad (Gujarat) and Kannauj (Uttar Pradesh), are linked to M/s Kalpataru Group and its associated entities under the Prevention of Money Laundering Act (PMLA), 2002.
The ED’s investigation stems from multiple FIRs across various states in India, related to charges of forgery, cheating, embezzlement, and other financial crimes committed by Kalpataru Group and its affiliates. The probe uncovered that M/s Kalpataru Buildtech Corporation Ltd. (KBCL) and its directors, agents, and managers had raised over Rs. 681 Crore from the public through promises of residential and commercial plot allotments. However, the company defaulted on paying maturity amounts and failed to allot the promised plots, instead diverting the funds to create assets in the names of the group and its associates.
To date, the ED has already attached 440 immovable properties worth Rs. 113 Crore as part of its investigation. A Prosecution Complaint (PC) was filed against Jai Kishan Singh Rana and 29 other associates, including 20 Kalpataru group companies, on 13th September 2024. The Special Court (PMLA), Ghaziabad, took cognizance of the complaint on 3rd October 2024. The investigation is ongoing.
