Chandigarh, May 26 (IANS) The ED conducted searches at multiple locations in Punjab and Chandigarh, seizing electronic devices and documents related to an alleged fraud and money laundering by Chandigarh Royale City Promoters and associates, an official said on Tuesday.
The Directorate of Enforcement (ED), Chandigarh Zonal Office-I, conducted searches at residential premises linked to Praveen Kansal alias Rocky, Neeraj Kansal, Daljit Singh, Anurag Midha, Liaqat Ali, Sumit Bansal, and other connected persons/entities.
The searches were conducted by the ED under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002.
The ED said the premises were linked to Chandigarh Royale City Promoters Pvt. Ltd. (CRCPL), Royale Estate Group, and associated persons/entities in Punjab and Chandigarh, including the main head office of Royale Estate Group, situated at Chandigarh-Delhi Highway, Zirakpur.
The ED case was initiated on the basis of FIR No. 0067 dated July 19, 2025, registered by Punjab Police, SAS Nagar, under Sections 406, 420, and 120-B (Breach of trust, cheating, and criminal conspiracy) IPC against the Directors and associated persons of Chandigarh Royale City Promoters Pvt. Ltd.
They were booked in connection with alleged fraud and criminal conspiracy relating to the deliberate default in the payment of statutory liabilities payable to the Greater Mohali Area Development Authority (GMADA) and the submission of dishonoured cheques amounting to approximately Rs 32.67 crore in relation to a residential colony project situated at Village Karala, SAS Nagar, Punjab.
The ED investigation revealed that CRCPL had substantial outstanding liabilities to GMADA, while project funds were allegedly routed through connected entities and related parties.
Investigation revealed suspicious inter-company transactions and layering of funds through entities linked with Royale Estate Group, the ED said.
During the search operations, various incriminating documents, digital devices, financial records, and property-related documents were recovered and seized, the federal investigation agency said.
–IANS
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