ED Raids Unravel Money Laundering Web in Chandigarh

The Enforcement Directorate (ED) intensified its crackdown on financial malpractice as it conducted sweeping search operations across Punjab and Chandigarh.

These operations focused on the Royale Estate Group and Chandigarh Royale City Promoters Pvt Ltd (CRCPL), exploring allegations of significant fraud and money laundering activities. Key premises, including the main office located along the Chandigarh-Delhi Highway in Zirakpur, were raided under the Prevention of Money Laundering Act (PMLA), officials confirmed.

According to insiders, the enforcement actions stemmed from a case registered by the Punjab Police in July 2025. The case accused directors and associates of CRCPL of defrauding and conspiring to default on statutory liabilities towards the Greater Mohali Area Development Authority, involving dishonoured cheques worth around Rs 32.67 crore.

Investigators have unmasked potential fund diversions allocated for a housing project, reportedly channeled through a web of related entities. The ED also highlighted dubious inter-company transactions and potential fund layering linked to the Royale Estate Group.

The ED's operations extended to residential premises associated with various individuals, including Praveen Kansal alias Rocky, Neeraj Kansal, Daljit Singh, Anurag Midha, Liaqat Ali, and Sumit Bansal, among others. The raids yielded a haul of incriminating documents, digital devices, financial accounts, and property paperwork deemed instrumental in unraveling the case.

The ED has assured the public that the investigation is active, with further revelations anticipated as officials scrutinize the seized materials.

(With inputs from agencies.)