Chandigarh, May 26 (PTI) The Enforcement Directorate on Tuesday conducted searches at multiple locations in Punjab and Chandigarh against a real estate company and its promoters as part of a money laundering investigation linked to alleged fraud with the Greater Mohali Area Development Authority (GMADA), officials said. They said the locations of Chandigarh Royale City […]
Chandigarh, May 26 (PTI) The Enforcement Directorate on Tuesday conducted searches at multiple locations in Punjab and Chandigarh against a real estate company and its promoters as part of a money laundering investigation linked to alleged fraud with the Greater Mohali Area Development Authority (GMADA), officials said.
They said the locations of Chandigarh Royale City Promoters Pvt. Ltd. (CRCPL), Royale Estate Group (in Zirakpur town of Mohali) and associated persons and entities like Praveen Kansal alias Rocky, Neeraj Kansal, Daljit Singh, Anurag Midha, Liaqat Ali, Sumit Bansal and some others were searched.
The action has been taken under the Prevention of Money Laundering Act (PMLA).
The probe stems from a July 2025 FIR filed by the Punjab Police (at SAS Nagar or Mohali) against the directors of CRCPL on charges of fraud and criminal conspiracy and default of statutory liabilities payable to GMADA and submission of dishonoured cheques of Rs 32.67 crore in relation to a residential colony project at Karala village in Mohali, ED officials said.
The agency said its preliminary probe found that CRCPL had “substantial” outstanding liabilities towards GMADA while project funds were allegedly routed and “diverted” through connected entities.
Some suspicious inter-company transactions and layering of funds through entities linked with Royale Estate Group are also under the scanner of the ED, as per the officials.
Some property documents and digital devices have been seized during the searches, they said. PTI NES RHL RHL
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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