Chandigarh | The Enforcement Directorate (ED) on Tuesday carried out extensive raids at multiple locations across Punjab and Chandigarh in connection with an alleged ₹32.67 crore fraud and money laundering case. The action has created ripples in the real estate sector as premises linked to Chandigarh Royale City Promoters Private Limited and the Royale Estate Group came under scrutiny.
According to official sources, the searches were conducted by the ED’s Chandigarh Zonal Office-I under the provisions of the Prevention of Money Laundering Act (PMLA). Teams of the agency targeted several residential and commercial properties, including the group’s main office located on the Chandigarh–Delhi highway in Zirakpur. The operation stems from a case originally registered by the Punjab Police on July 19, 2025.
FCRF’s Flagship Cyber Law Certification Returns With a New Four-Week Cohort
Officials stated that the case involves allegations of misappropriation of funds collected under a housing project. Investigators suspect that money raised from buyers was diverted through multiple associated entities, raising concerns of financial irregularities and possible layering of proceeds.
The probe also indicates alleged non-compliance with statutory dues payable to the Greater Mohali Area Development Authority (GMADA). Authorities are examining whether there was deliberate default in payment obligations linked to the housing project and whether regulatory requirements were bypassed.
During the raids, ED officials reportedly recovered several incriminating documents, digital devices, bank records, and property-related papers from various locations. These materials are now being analysed and are expected to play a crucial role in determining the next course of the investigation.
The investigation covers several individuals, including Praveen Kansal alias Rocky, Neeraj Kansal, Daljit Singh, Anurag Midha, Liaqat Ali, and Sumit Bansal, among others. Their financial transactions and inter-company dealings are under detailed scrutiny as part of the ongoing probe.
Sources further indicated that the agency suspects fund transfers between multiple group entities were used to obscure the original source of money. The ED is also examining suspected inter-company transactions and complex financial layering patterns to trace the movement of funds.
The case is believed to be part of a wider network where funds collected for real estate development projects were allegedly diverted for other business activities. Investigators are now trying to establish whether there was a structured conspiracy behind the alleged diversion and misuse of investor funds.
The ED has confirmed that analysis of seized digital data and documents is ongoing. Officials added that more revelations are likely to emerge as the investigation progresses, and further action at additional locations cannot be ruled out.
Following the raids, uncertainty has gripped sections of the real estate market in Punjab and Chandigarh. Experts believe such cases could impact investor confidence and raise concerns about transparency and regulatory compliance in the sector.
The investigation remains active, with agencies continuing to examine the role of all individuals and entities involved. Further legal steps will be taken based on the findings from the seized material and ongoing financial analysis.
