Crime
ED Raids Punjab Realty Firms in Money Laundering Investigation
Directorate of Enforcement carried out searches across Punjab and Chandigarh in connection with an alleged money laundering case involving real estate groups accused of fraudulent land-use changes and investor fraud.
The Directorate of Enforcement (ED) on Thursday conducted raids at multiple locations in Punjab and Chandigarh as part of a money laundering investigation linked to alleged real estate fraud and irregular land-use conversions.
Officials said the searches were carried out under the provisions of the Prevention of Money Laundering Act and covered nearly a dozen premises in Mohali and Chandigarh.
The investigation is connected to the Suntec City project, developed by the Indian Cooperative Housing Building Society (ICHBS), along with entities including ABS Townships, Altus Space Builders, Dhir Constructions and associated individuals, including promoter Ajay Sehgal.
The agency is probing allegations related to fraudulent change of land use permissions and claims that investors were allegedly duped through irregular real estate transactions.
Officials also confirmed that the searches covered premises linked to an alleged associate of a functionary of the Aam Aadmi Party in Punjab.
By late evening, ED teams reportedly seized around Rs 1 crore in cash during the operation. Authorities said Rs 21 lakh of the recovered cash was found in two bags allegedly thrown from a window of the Western Towers residential complex during the raids.
Investigators are currently examining financial records, property documents and transaction trails as part of the ongoing probe into suspected money laundering and financial irregularities.
