ED Attaches Rs. 30.5 Crore Worth Properties Linked to Kalpataru Group in Money Laundering Probe
(Judicial Quest News Network)
Lucknow, 28, January, 2025.In a major crackdown on financial irregularities, the Directorate of Enforcement (ED) in Lucknow has attached nine immovable properties valued at approximately Rs. 30.5 Crore on January 28, 2025, in connection with the Kalpataru Group and its affiliated entities. The properties, which include residential and commercial land, are located in Mathura, Uttar Pradesh, and have been seized under the Prevention of Money Laundering Act (PMLA), 2002.
The ED’s investigation stems from multiple FIRs filed across various states in India, alleging serious charges of forgery, cheating, and embezzlement of funds against the Kalpataru Group. These cases prompted the ED to delve deeper into the financial activities of M/s Kalpataru Buildtech Corporation Ltd. (KBCL) and its associated directors, agents, and managers.
According to ED officials, KBCL collected an astounding Rs. 681 Crore from the public, promising investments in and allotments of residential and commercial plots. However, the company failed to honor its commitments, both in terms of returning the maturity amount and allotting the promised plots. Instead, the funds were allegedly diverted to create assets under the names of the Kalpataru Group companies and their key personnel.
This latest round of property attachments adds to the ED’s ongoing efforts against the group. In a previous development, the agency had already attached 400 immovable properties valued at Rs. 83.96 Crore. These actions were confirmed by the Adjudicating Authority, underscoring the scale of the operation.
Additionally, a Prosecution Complaint (PC) was filed against Jai Kishan Singh Rana, the mastermind behind the group, and 29 of his associates, including 20 companies linked to Kalpataru Group. This complaint was submitted to the Hon’ble Special Court (PMLA) in Ghaziabad on September 13, 2024, and the court took cognizance of the matter on October 3, 2024.
A significant search operation was also carried out on December 18, 2024, at 16 residential and office premises linked to Kalpataru Group entities. During this raid, ED officials seized incriminating documents related to unaccounted investments and cash transactions, further strengthening the case against the accused.
The investigation is still ongoing, with ED officials confirming that they are actively working to unearth more details and expand the scope of the probe.