Crackdown on Punjab Real Estate Firm in Money Laundering Probe
The Enforcement Directorate conducted searches on a real estate company, its promoters, and associated entities in Punjab and Chandigarh due to allegations of money laundering linked to the Greater Mohali Area Development Authority. The investigation includes fraud charges, suspicious transactions, and diversion of project funds.
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In a significant development, the Enforcement Directorate (ED) launched an intensive search operation on Tuesday targeting multiple locations in Punjab and Chandigarh. The raids are part of a money laundering investigation involving a real estate company and its promoters, reportedly connected to alleged financial misconduct with the Greater Mohali Area Development Authority (GMADA).
The focus of the investigation is on Chandigarh Royale City Promoters Pvt. Ltd. (CRCPL), Royale Estate Group based in Zirakpur town, Mohali, and several associated individuals, including Praveen Kansal alias Rocky, Neeraj Kansal, Daljit Singh, Anurag Midha, Liaqat Ali, and Sumit Bansal.
Initiated under the Prevention of Money Laundering Act (PMLA), the probe was sparked by a 2025 FIR alleging fraud and conspiracy by CRCPL's directors, who are accused of evading dues to GMADA and issuing dishonoured cheques for Rs 32.67 crore. Officials report that project funds may have been illicitly rerouted, while suspicious inter-company transactions remain under scrutiny.
(With inputs from agencies.)
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