CHANDIGARH: The Directorate of Enforcement (ED) from Gurugram Zonal Office conducted search operations in the Delhi-NCR region on Friday, targeting M/s Angle Infrastructure Pvt. Ltd., the resolution professional, and Nauseva Buildwell LLP along with its partners, under the Prevention of Money Laundering Act (PMLA), 2002.
The searches were initiated based on evidence suggesting potential collusion during the Corporate Insolvency Resolution Process (CIRP) of the corporate debtor, resulting in the seizure of Rs 33 lakh in unexplained cash and various digital devices.
The ED’s investigation was prompted by FIRs filed by Gurugram Police and the Delhi Economic Offences Wing, citing allegations of non-delivery of flats in the Krrish Florence Estate project located at Sector 70, developed over a 14-acre area in Gurugram. Reports indicated that the project has remained incomplete for over a decade, with only three towers partially constructed, leading homebuyers to initiate insolvency proceedings.
Amit Katyal, a key promoter linked to the fraud, was arrested last month. His digital devices revealed collusion with the resolution professional (RP) responsible for overseeing the CIRP process. Investigations are ongoing regarding defrauding a public sector bank and the minimal recovery during a fraudulent land sale of 2 acres for Rs 31 crore, despite the actual valuation during the CIRP being Rs 160 crore.
The searches have uncovered incriminating evidence of collusion aimed at pressuring homebuyers to retract their complaints to facilitate resolution. After enduring hardships for over ten years, homebuyers felt compelled to accept the conditions stipulated by the SRA through the RP, which compromised the resolution process and their creditors’ interests, ultimately shielding the former promoters from criminal liabilities and undermining the principles of the IBC.
Furthermore, documents seized from the RP’s premises revealed confidential information shared with accused promoters, directly contradicting the avoidance applications he filed with the NCLT. This demonstrates his active involvement in nullifying claims aiming to recover misappropriated funds. Further investigations are ongoing.
