ED Action Continues in Punjab Real Estate Irregularities Case

The Enforcement Directorate (ED) has arrested a real estate businessman as part of an ongoing money laundering investigation related to alleged fake consent letters submitted for securing Change of Land Use (CLU) permissions from the Punjab government, officials said on Saturday.

According to officials, the accused, Ajay Sehgal, who also serves as Secretary of the Indian Cooperative House Building Society (ICHBS), was taken into custody on Friday by the ED’s Jalandhar office under provisions of the Prevention of Money Laundering Act (PMLA).

Earlier this month, the ED had conducted searches at Sehgal’s premises as well as locations associated with the Suntec City real estate project, which was developed by ICHBS. Officials said the raids were part of the agency’s efforts to trace financial transactions and gather evidence related to the alleged irregularities.

Investigators suspect that fake consent letters may have been used to obtain approvals for land use conversion, potentially causing violations in regulatory and administrative procedures. The agency is examining financial records, property transactions, and the involvement of other individuals connected to the case.

The investigation forms part of the ED’s broader crackdown on alleged corruption and financial irregularities in the real estate sector. Further inquiries are underway to determine the scale of the alleged money laundering operation and identify additional accused persons.