Punjab Newsline | Chandigarh
In a major action against alleged financial irregularities in Punjab’s real estate sector, the Enforcement Directorate (ED) has arrested Royale Estate Group and Chandigarh Royale City Promoters Pvt. Ltd. (CRCPL) promoters Praveen Kansal alias Rocky Kansal and Neeraj Kansal under the provisions of the Prevention of Money Laundering Act (PMLA).
The arrests came after the ED conducted extensive searches at multiple residential and commercial premises linked to the promoters. Investigators are probing allegations of large-scale financial misconduct, including diversion of funds, irregular land-use approvals and fraudulent property transactions.
According to sources connected with the investigation, one of the key areas under scrutiny involves the grant of three Change of Land Use (CLU) approvals allegedly secured within a single day despite objections and adverse recommendations from the Greater Mohali Area Development Authority (GMADA).
Officials are examining whether the approvals were obtained through alleged misuse of influence and administrative collusion. The matter is also linked to a Punjab Police FIR concerning alleged non-payment of statutory dues to GMADA and the issuance of cheques worth ₹32.67 crore that were later dishonoured.
The ED suspects that funds collected from homebuyers for development projects were allegedly routed through multiple entities using methods associated with money laundering, including layering and diversion of funds.
The federal agency is also investigating allegations arising from a separate criminal case registered by the Punjab Vigilance Bureau against Praveen Kansal, Neeraj Kansal and Indu Kansal on charges related to cheating and criminal conspiracy.
The case stems from a complaint filed by former business associate Pyara Lal Garg, who alleged that the promoters fraudulently took control of a prime land parcel in New Chandigarh. The complaint claims forged documents and fabricated signatures were used to alter ownership records and transfer property rights without lawful authorization.
Officials said the ED is tracing the movement of funds, property deals and corporate structures associated with the group to determine the scale of the alleged laundering network. Investigators are also examining whether proceeds generated from the alleged offences were reinvested into real estate ventures or channelled through associated firms.
The arrests are being seen as a major development in one of Punjab’s high-profile real estate investigations, with more questioning and financial scrutiny expected in the coming days. Sources indicated that additional individuals linked to approval and documentation processes could also come under the scanner as the probe progresses.
