Enforcement Directorate Continues Raids in Punjab Real Estate Fraud Investigation
CLU fraud: ED searches continue for Day 2 in Mohali, Chandigarh
Hindustan Times
Image: Hindustan Times
The Enforcement Directorate (ED) has expanded its investigation into real estate fraud in Punjab, conducting raids across Mohali and Chandigarh. The probe focuses on two major firms, Suntec City and Altus Space Builders, linked to fraudulent land use approvals and investor cheating, with ₹1 crore confiscated so far.
- 01ED's investigation targets Suntec City and Altus Space Builders for fraudulent land use approvals.
- 02Raids expanded to 12 locations in Mohali and Chandigarh, including properties of builders and intermediaries.
- 03₹1 crore confiscated during the operation under the Prevention of Money Laundering Act.
- 04Punjab cabinet minister Aman Arora faces scrutiny due to alleged ties with one of the accused.
- 05The investigation follows allegations of forged documents used to secure approvals for real estate projects.
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The Enforcement Directorate (ED) is intensifying its crackdown on real estate fraud in Punjab, with raids entering their second day across multiple locations in Mohali and Chandigarh. The investigation targets two major real estate groups: Suntec City (operated by the Indian Cooperative Housing Building Society) and Altus Space Builders Private Limited. Allegations include fraudulent change of land use (CLU) approvals and cheating of investors, with the ED confiscating ₹1 crore (approximately $120,000 USD) during its searches.
Raids were conducted at 12 additional locations, including properties linked to builders and alleged intermediaries Nitin Gohal and Pritpal Singh Dhindsa. The ED's actions stem from two FIRs filed by Punjab Police in 2022 and 2024, which accuse the firms of forging signatures to obtain CLU approvals. Investigators claim that Gohal and Dhindsa acted as middlemen, facilitating clearances for real estate developers.
The controversy escalated with Punjab cabinet minister Aman Arora facing scrutiny for his alleged connections to Gaurav Dhir of Dhir Constructions. Arora has denied any wrongdoing, challenging the ED to investigate his phone records. The ED's investigation also revealed that the accused collected over ₹150 crore (approximately $18 million USD) by enrolling members without executing sale deeds, further complicating the case. As the ED continues its probe, the political implications and public interest in the matter remain significant.
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The ongoing investigation could lead to increased scrutiny of real estate practices in Punjab, affecting investors and buyers in the region.
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