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The Enforcement Directorate (ED) carried out searches across Punjab and Chandigarh as part of its money laundering investigation into alleged irregularities in the Punjab Small Industries and Export Corporation (PSIEC). The probe is linked to accusations that industrial plots were fraudulently allotted to private individuals through fake firms and alleged collusion with PSIEC officials. Investigators are also examining the alleged diversion of industrial land for residential use, which reportedly caused losses to the state exchequer. A company linked to jailed Punjab minister Sanjeev Arora has also come under the agency's scrutiny.
The Enforcement Directorate (ED) conducted search and survey operations across multiple locations in Punjab and Chandigarh in the past week as part of an ongoing money laundering investigation into alleged irregularities involving the Punjab Small Industries and Export Corporation (PSIEC).
PSIEC is the state government corporation responsible for promoting industrial development in Punjab by developing industrial estates and allotting industrial plots to eligible businesses.
The agency searched around 11 premises in Chandigarh along with locations in Ludhiana, Patiala, Amritsar and Gurdaspur. A survey under the Prevention of Money Laundering Act (PMLA) was also carried out at the PSIEC headquarters, commonly known as Udyog Bhawan, in Chandigarh.
Properties linked to PSIEC Executive Director Bhai Sukhdeep Singh, retired Chief General Manager Surendra Pal Singh, retired General Manager Jaswinder Singh Randhawa, retired officer Savtej Singh, several other corporation officials, property dealers and alleged benamidars were covered during the operation.
The money laundering investigation is based on a First Information Report (FIR) registered by the Punjab Vigilance Bureau in Mohali in 2024. According to the FIR, certain PSIEC officials allegedly worked with private individuals and property dealers to allot high-value industrial plots in the names of their relatives and associates instead of genuine applicants.
The ED is examining allegations that several private applicants used fake companies and fraudulent addresses while applying for industrial plots through PSIEC. According to official sources, these applications were allegedly processed with the help of close connections within the corporation.
Investigators are also looking into the alleged diversion and change of land use of industrial plots allotted in Ludhiana. The agency suspects that some real estate developers and prominent business groups converted industrial land into residential projects, allegedly earning substantial profits while causing financial losses to the state government.
Industrial plots allotted by state agencies are generally subject to strict land-use conditions, and any change in use typically requires approvals under applicable government policies. Investigators are examining whether these procedures were bypassed in the allotment and subsequent use of the land.
Officials also said that a company linked to Punjab minister Sanjeev Arora is under the ED's scanner as part of the investigation. Arora was arrested by the ED a few months ago in a separate money laundering case and is currently in judicial custody. He has denied all allegations of wrongdoing.
The Punjab Vigilance Bureau had initiated the case after alleging large-scale irregularities in the allotment of industrial plots meant to encourage manufacturing and industrial growth in the state. The ED's investigation is focused on tracing the alleged proceeds of crime, identifying beneficiaries of the transactions and examining whether public assets were misused through fraudulent allotments and changes in land use.
Source PTI
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