ED seizes Immovable Properties of Kalpataru Group worth Rs. 30. 5 crore

The Directorate of Enforcement (ED), Lucknow Zonal Office, has attached nine immovable properties worth approximately Rs. 30.5 crore under the Prevention of Money Laundering Act (PMLA), 2002. These properties, linked to Kalpataru Group companies and associated entities, include residential and commercial land located in Mathura, Uttar Pradesh, according to an official press release. 

The ED launched its investigation based on multiple FIRs filed in various states under different sections of the Indian Penal Code, 1860. The cases involve allegations of forgery, cheating, and embezzlement of funds by the Kalpataru Group and its related entities. 

The investigation revealed that Kalpataru Buildtech Corporation (KBCL) and its Directors, Agents, and Managers had collected public deposits amounting to Rs. 681 crore. These funds were solicited under the pretense of investment and allotment of residential and commercial plots. However, the company failed to return the maturity amounts or allocate plots, instead using the funds to acquire assets under the names of Kalpataru Group companies and their associates. 

Previously, the ED had attached 400 immovable properties worth Rs. 83.96 crore, a move confirmed by the Adjudicating Authority. 

Additionally, on September 13, 2024, the agency filed a Prosecution Complaint (PC) under PMLA, 2002, against Jai Kishan Singh Rana and 29 others, including 20 Kalpataru Group companies, before the Special Court (PMLA) in Ghaziabad. The court acknowledged the complaint on October 3, 2024. 

The ED continues its probe into the case, ensuring accountability for financial misconduct and safeguarding public investments from fraudulent schemes.