ED conducts multi-location raids in Punjab, Chandigarh over Rs 32.67 crore 'fraud' case

The searches were conducted by the ED's Chandigarh Zonal Office-I under the provisions of the Prevention of Money Laundering Act (PMLA).

Officials, privy to the development, told ANI that the raids were conducted at several premises linked to the group, including the main office of Royale Estate Group located along the Chandigarh-Delhi Highway in Zirakpur.

The action followed ED's probe initiated based on a case registered by the Punjab Police on July 19, 2025 against the directors and associated persons of Chandigarh Royale City Promoters Pvt Ltd in connection with alleged fraud and criminal conspiracy relating to deliberate default of statutory liabilities payable to Greater Mohali Area Development Authority (GMADA) and 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.

Investigators suspect that funds collected for the housing project were diverted through a network of associated entities and related parties.

The ED also flagged suspicious inter-company transactions and alleged layering of funds linked to entities associated with the Royale Estate Group.

Officials said the searches were conducted at multiple residential premises connected to individuals, including Praveen Kansal alias Rocky, Neeraj Kansal, Daljit Singh, Anurag Midha, Liaqat Ali, and Sumit Bansal, among others.

During the raids, officials seized several incriminating documents, digital devices, financial records, and property-related papers, which are expected to aid further investigation.

The ED said that the probe is ongoing and more details are likely to emerge as scrutiny of the seized material continues. (ANI)