Chandigarh, May 26
The Enforcement Directorate on Tuesday carried out searches at multiple locations in Punjab and Chandigarh as part of a money laundering investigation linked to an alleged fraud involving the Greater Mohali Area Development Authority. Officials said the action was conducted under the Prevention of Money Laundering Act against a real estate company, its promoters, and associated entities.
According to officials, the searches were conducted at premises linked to Chandigarh Royale City Promoters Pvt. Ltd. and Royale Estate Group, both based in Zirakpur, as well as properties connected to several individuals, including Praveen Kansal alias Rocky, Neeraj Kansal, Daljit Singh, Anurag Midha, Liaqat Ali, and Sumit Bansal.
The investigation stems from a Punjab Police FIR registered in July 2025 at SAS Nagar, Mohali, against the directors of Chandigarh Royale City Promoters Pvt. Ltd. The case relates to allegations of fraud, criminal conspiracy, and non-payment of statutory dues owed to GMADA in connection with a residential colony project at Karala village in Mohali district.
Officials said the probe agency is examining allegations that cheques worth Rs 32.67 crore submitted to GMADA were dishonored. Preliminary findings of the Enforcement Directorate reportedly indicate that the company had significant pending liabilities towards GMADA while project funds were allegedly routed and diverted through connected firms and entities. Investigators are also scrutinizing suspected inter-company financial transactions and alleged layering of funds linked to entities associated with Royale Estate Group.
During the search operation, officials said the agency seized several property-related documents and digital devices that are expected to form part of the ongoing investigation. The Enforcement Directorate is continuing its probe to identify the financial trail and determine the role of all individuals and entities connected to the alleged irregularities.
