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₹40-cr relief scrapped by Punjab: Day on, ED arrests…

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activeChit Fund / Real Estate FraudPunjab

₹40-cr relief scrapped by Punjab: Day on, ED arrests realty project promoter from Delhi airport

The Enforcement Directorate arrested a real estate project promoter at Delhi's Indira Gandhi International Airport in connection with a money-laundering investigation. The probe centers on alleged irregularities in land dealings, commercial site allotments, and the waiver of dues by the Greater Mohali Area Development Authority. The arrest followed a decision by the Punjab housing and urban development department to revoke nearly ₹40 crore in concessions previously granted to a Delhi-based realty firm linked to the promoter.

State

Punjab

First reported

October 2026

Concessions revoked

Nearly ₹40 crore

Potential loss to state (alleged)

Nearly ₹10,000 crore

Agency involved

Enforcement Directorate (ED) and Central Bureau of Investigation (CBI)

Arrests

One realty project promoter arrested

Status

Accused remanded to seven-day ED custody; ongoing probe involving multiple officials and entities

The full story

Everything you need to know about this case, in one place.

The investigation involves the 2015 auction of a commercial site in Sector 62, Mohali, to the realty firm. Authorities allege that after initial payments, the company sought and received financial concessions and rescheduled instalments. The state revisional authority later set aside these relief orders, ruling that further concessions would harm the public exchequer, and ordered GMADA to calculate all outstanding dues, interest, and penalties for recovery.

Federal investigators have searched multiple locations across Delhi, Mohali, Chandigarh, Panchkula, and Ludhiana, covering various infrastructure and realty firms. The money-laundering probe stems from a Central Bureau of Investigation FIR alleging a bank fraud of ₹238 crore by the promoters through fund diversion. Furthermore, investigators have questioned several local development authority officials and seized records during searches, with additional summons expected as the probe widens.

Not yet reported: The reports do not specify the final judicial outcome or trial proceedings regarding the bank fraud and money laundering charges.

Where the case stands

The latest position in the reports we read.

The arrested promoter has been remanded to seven-day Enforcement Directorate custody following his production in court. Authorities are continuing their probe and plan to summon additional officials linked to the land allotments and financial waivers.

Who was affected

Described in general terms; we do not name victims.

The public exchequer and state development authorities in Punjab were affected by the alleged diversion of funds, unpaid dues, and manipulation of land reserve prices.

Timeline

Key dates as reported, oldest first.

September 2015A 1.13-acre food court site in Sector 62, Mohali, was auctioned to the realty firm for ₹32.50 crore.

December 2025The estate officer granted concessional rescheduling of instalments to the company.

February 5, 2026An appellate authority order approved further relief and concessions for the realty project.

August 2026The Enforcement Directorate summoned multiple development authority officials to furnish records under the Prevention of Money Laundering Act.

October 15, 2026The Punjab housing department dismissed the company's revision petition and revoked concessions worth nearly ₹40 crore.

Saturday (October 2026)The ED arrested the realty project promoter at the Delhi airport and secured a seven-day custody order from a court.

How the scam worked

The method described in the reports.

A realty firm acquired a prime commercial site through an auction conducted by the development authority.
The company made initial deposits but subsequently sought and obtained financial concessions and rescheduled payment instalments.
Promoters allegedly manipulated reserve prices for unsold land parcels, leading to massive potential losses for the state exchequer.
Funds obtained through related corporate entities were allegedly diverted for personal gain, leading to bank fraud allegations.

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Keep reading

More cases like this one.

ED attaches assets Rs 129.80 crore in alleged real estate fraud in AhmedabadChit Fund / Real Estate Fraud · Gujarat Couple held for Rs 1.47 crore land fraud in BhubaneswarChit Fund / Real Estate Fraud · Odisha Bhubaneswar: Real estate firm MD held for Rs 4 crore fraudChit Fund / Real Estate Fraud · Odisha Suspended Muzaffarpur CO arrested in Rs15-crore land fraud caseChit Fund / Real Estate Fraud · Multiple States

Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

hindustantimes.comOriginal report Hindustan Times<![CDATA[https://www.hindustantimes.com/cities/chandigarh-news/40cr-relief-scrapped-by-punjab-day-on-ed-arrests-realty-project-promoter-from-delhi-airport-101792257768628.html]]>

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