NEWS RELEASE By methods of a Provisional Attachment Order (PAO) dated 30.03.2022, the Directorate of Enforcement (ED) has temporarily attached 403 immovable properties worth Rs. 83,96,58,834 of M/s Kalptaru Buildtech Corporation Limited, its group entities, and Directors in accordance with the Prevention of Money Laundering Act, 2002. (PMLA).
The ED started an inquiry based on a number of FIRs that the Uttar Pradesh Police and other state police had filed accusing M/s Kalptaru Buildtech Corporation Limited and its other group firms of defrauding investors in a number of schemes.
According to the investigation, Jai Krishna Singh Rana, CMD of the Kalptaru Group, began illegally collecting deposits from the general public in M/s Kalptaru Agro (I) Limited by promising them that plot registration will take place after a certain amount of time. In order to conceal the fraudulent actions of the company, JKS Rana and its other Directors shut down M/s Kalptaru Agro (I) Limited’s operations and relocated the same business—collective investment schemes—to newly created firms.
Investigations conducted under the PMLA, 2002 further revealed that JKS Rana would move the entire business to new companies and continue to fraudulently accept deposits from investors and depositors whenever SEBI and other agencies interfered with the schemes run by the M/s Kalptaru Group of companies. JKS Rana obtained more than Rs. 1500 crore (approximately) from the general population in this way by incorporating more than 50 fictitious, shell, or dummy businesses in the names of his servants, petty workers, uneducated relatives, etc.
After receiving the contributions from these group firms, JKS Rana and his other accomplices withdrew the majority of the money to construct benami assets. Provisional attachments have been made to the Rs. 83.96 crores in criminal profits invested in various properties. In this scenario, more research is being conducted.
