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The Enforcement Directorate carried out search operations across multiple locations in Punjab and Chandigarh as part of a money laundering probe linked to alleged land fraud involving real estate developers. The case involves builders connected to projects such as Suntec City, where allegations include misuse of Change of Land Use (CLU) permissions and collection of large funds from investors. The probe also examines possible diversion of funds, default on payments to GMADA, and involvement of intermediaries. Cash seizures and document recovery were reported during the searches.
The Enforcement Directorate recently conducted coordinated search operations at several premises in Punjab and Chandigarh in connection with a money laundering investigation linked to alleged land fraud involving real estate builders. Advertisement
The searches covered multiple locations associated with developers linked to projects such as Suntec City and related township developments. Officials said the action formed part of an ongoing probe under the Prevention of Money Laundering Act, focusing on suspected financial irregularities in land development and approvals.
The investigation is centred on allegations that certain builders obtained Change of Land Use (CLU) permissions through improper means and later used these approvals to collect significant funds from investors. These funds are believed to run into several crores of rupees, with complaints suggesting that investors were misled regarding project execution and timelines.
Authorities are also examining whether the developers failed to clear dues payable to the Greater Mohali Area Development Authority (GMADA), which is a key part of the regulatory framework for land development in the region. Non-payment of such dues is being treated as a serious compliance lapse in the ongoing probe.
The ED is further looking into the role of intermediaries who are suspected of facilitating approvals and assisting in financial transactions linked to the projects. These individuals are believed to have played a role in coordinating between builders and regulatory processes, which is now under detailed scrutiny.
During the search operations, officials reportedly recovered cash, including around INR 1 crore from one of the locations. In one instance, cash was allegedly thrown out of a residential unit during the raid, suggesting an attempt to dispose of evidence. Digital devices, property documents, and transaction records were also seized for further examination.
The agency is now analysing financial trails to determine how investor funds were collected, routed, and possibly diverted. Statements and records collected during the searches will be used to establish the extent of involvement of each party in the alleged fraud.
The investigation remains ongoing, and further action is expected based on the evidence gathered during these operations.
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