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The Enforcement Directorate (ED) has widened its investigation into an alleged INR 150 crore Change of Land Use (CLU) fraud connected to multiple real estate projects in Mohali. The probe involves projects linked to Suntec City and Altus Space Builders Pvt Ltd, with the agency seeking records from the Greater Mohali Area Development Authority (GMADA). The investigation is focused on alleged forged documents, irregular CLU approvals, financial transactions and cheating of homebuyers and landowners. Earlier searches across Mohali, Chandigarh and Patiala reportedly led to the seizure of cash, property-related documents and digital records connected to the case.
The Enforcement Directorate has intensified its probe into an alleged INR 150 crore CLU fraud and money laundering case linked to real estate projects in Mohali. The investigation is centred around projects associated with Suntec City and Altus Space Builders Pvt Ltd, with the agency examining whether land use approvals and related permissions were obtained through irregular means. Advertisement
Officials of the Greater Mohali Area Development Authority recently appeared before the ED and submitted documents related to Change of Land Use approvals, project permissions and financial dealings connected to the developers under investigation. The agency is reviewing records linked to approvals granted for residential and township developments in the Mohali region.
The case is being investigated under the Prevention of Money Laundering Act (PMLA) and is based on FIRs earlier registered by Punjab Police. According to the investigation, forged consent letters of landowners were allegedly used to secure approvals for a large township project spread across more than 30 acres. Investigators are also examining allegations that funds worth over INR 150 crore were collected from buyers and members without proper execution of sale deeds and ownership transfers.
Search operations were conducted earlier this month across multiple locations in Mohali, Chandigarh and Patiala. The raids covered premises linked to Indian Cooperative Housing Building Society, which promoted the Suntec City project, along with Altus Space Builders, ABS Townships, Dheer Constructions and other entities connected to the transactions under scrutiny.
During the searches, the ED reportedly recovered around INR 1 crore in cash along with property documents, financial records and digital evidence linked to the alleged fraud. Investigators are analysing whether project approvals, financial transactions and land-related permissions violated regulatory norms.
The agency is also looking into the role of intermediaries, company officials and other individuals connected to the projects. Officials are examining whether certain approvals, including regulatory clearances, were granted despite alleged discrepancies in land ownership records and supporting documents.
The probe further includes scrutiny of financial transactions related to the transfer and valuation of certain projects linked to the entities under investigation. Authorities suspect that some transactions may have involved undervaluation of assets to conceal the movement of funds generated through the projects.
The investigation has drawn attention across Punjab’s real estate sector as the ED continues to examine approval procedures, land transactions and financial trails connected to large housing and township developments in Mohali. More records are expected to
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