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CHANDIGARH: The Enforcement Directorate (ED) on Tuesday conducted extensive search operations across multiple locations in Punjab and Chandigarh in connection with an alleged money laundering and real estate fraud case linked to M/s Chandigarh Royale City Promoters Pvt Ltd (CRCPL) and the Royale Estate Group.
The raids were carried out under provisions of the Prevention of Money Laundering Act (PMLA) at premises connected with the company, its directors, associates and related entities.
Raids conducted in Chandigarh, Zirakpur and Punjab
According to officials, the ED conducted simultaneous searches at the Royale Estate Group’s head office located on the Chandigarh-Delhi Highway in Zirakpur as well as at several residential and commercial premises linked to company directors and associates in Chandigarh and other parts of Punjab.
The action forms part of a broader investigation into alleged financial irregularities, diversion of project funds and non-payment of statutory dues connected to a residential colony project being developed by CRCPL at Karala village in Mohali.
ED case based on Punjab Police FIR
The money laundering investigation stems from an FIR registered by the Punjab Police on July 19, 2025, at SAS Nagar under Sections 406, 420 and 120-B of the IPC related to criminal breach of trust, cheating and criminal conspiracy.
According to investigators, the case pertains to the alleged deliberate default in payment of statutory liabilities owed to the Greater Mohali Area Development Authority (GMADA).
Officials alleged that dishonoured cheques amounting to nearly Rs 32.67 crore had been submitted to GMADA by the company.
Project funds allegedly diverted
During the course of investigation, the ED allegedly found that CRCPL had substantial unpaid liabilities towards GMADA while funds generated through the real estate project were allegedly diverted through connected entities and related parties.
Officials further claimed that suspicious inter-company transactions and layering of funds through multiple entities linked to the Royale Estate Group had also been detected.
Investigators suspect that the financial transactions may have been structured to conceal the movement and utilisation of project funds.
Searches linked to multiple persons
The ED conducted searches at premises linked with several individuals associated with the company and group entities, including:
- Praveen Kansal alias Rocky
- Neeraj Kansal
- Daljit Singh
- Anurag Midha
- Liaqat Ali
- Sumit Bansal
Officials said the searches also covered other connected persons and entities suspected to be involved in financial transactions under scrutiny.
Documents, digital devices seized
During the operation, ED officials reportedly seized:
- Financial documents
- Property-related records
- Digital devices
- Transaction papers
- Other incriminating material
The seized documents are expected to be examined to trace money trails, inter-company fund transfers and alleged diversion of project finances.
Growing scrutiny of the Mohali-Zirakpur real estate sector
The development comes amid increasing scrutiny of real estate developers operating in the Mohali-Zirakpur-Chandigarh belt, where several projects have come under investigation for allegations of financial irregularities, delayed possession, diversion of funds, and defaults to development authorities.
Authorities have recently intensified action against builders accused of violating statutory norms, delaying projects and failing to clear dues owed to urban development bodies.
The ED probe is expected to further widen in the coming days as investigators analyse financial records and examine the role of related companies and individuals connected to the project. No official response from CRCPL or the Royale Estate Group was immediately available following the raids.
