New Delhi, May 26: The Enforcement Directorate (ED) has conducted significant raids across Punjab and Chandigarh under the Prevention of Money Laundering Act (PMLA) of 2002. These operations targeted the Chandigarh Royal City Promoters Private Limited, the Royal Estate Group, and associated individuals and entities. The main office of the Royal Estate Group, located on the Chandigarh-Delhi Highway in Zirakpur, was also included in the raids.
The ED initiated this investigation based on an FIR filed at the SAS Nagar police station on July 19, 2025. This case was registered against the directors of CRCP and related individuals under sections 406, 420, and 120-B of the Indian Penal Code.
According to investigative agencies, the case revolves around the deliberate non-payment of dues owed to GMADA and involves bounced checks amounting to millions. Allegations suggest that during the development of a residential colony project in Karala village, SAS Nagar, the company issued checks totaling approximately ₹32.67 crores, which subsequently bounced.
Preliminary investigations by the ED revealed that CRCP had substantial outstanding liabilities to GMADA. Despite this, funds associated with the project were allegedly transferred to other companies and related parties. The investigation has also uncovered several suspicious inter-company transactions.
The ED suspects that attempts were made to obscure the true nature of financial transactions by routing money through companies linked to the Royal Estate Group. The agency is currently examining how and through whom the project funds were utilized.
During the raids, numerous important documents, digital records, and evidence related to financial transactions were seized. ED officials have stated that the investigation is ongoing, and further significant revelations may emerge in the coming days.
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