The 27-year-old recently left White Hart Lane for Dynamo Kiev and claims the Spurs owner had told his compatriot that he would be able to leave the club, before refusing to sell
The Croatian, who has recently moved to Dynamo Kiev claims that his countryman was promised a move from White Hart Lane last year, only for Levy to go back on his promise.
Kranjcar told reporters: "I know that the chairman talked to him face to face last autumn. He promised Luka he would let him go, and now he's condemning him.
"Levy did everything to protect the interest of the club and make a profit. He has also used lies to deceive the public, which is allowed in business, but if you were in Luka's shoes, you would probably do the same as him.
"To have an offer from Real Madrid is a once-in-a-career opportunity. I'd do anything to get to Santiago Bernabeu, playing for Real Madrid is the greatest privilege in any footballer's career, even if I prefer Barcelona. That's why I understand Luka."
The former Portsmouth man also criticised Levy over the handling of his own transfer, as well as other high-profile departures from Spurs in recent years, but insisted he was happy with his new club, who he insists have a better tradition and fan-base than Tottenham.
He added: "In my three years at White Hart Lane, I never had lunch or a serious talk with the president. There was no need. It's not customary for bosses to invite you for a cup of coffee, even if you're their next-door neighbour like I was, in Cuffley.
"I know from my own experience how difficult these people are and how hard it is to break out of a contract with them.
"Remember Berbatov? And it was the same with me: they held me back for two years, until finally my new club paid what they were asking, and not a pound less.
"That is their speciality: they set unreasonably high transfer demands, but the absurd thing is they always get what they ask for.
"Kiev is not London, but it is very good for city life, and the football teams are very strong. Dynamo Kiev is big on tradition and the fans, and though lots of people will say it's not like Tottenham, if you look at history, Dynamo Kiev is a bigger club than Spurs."