New Delhi, 22 September (H.S.): The Enforcement Directorate (ED) on Monday launched searches and survey operations at 26 locations across Delhi, Mohali, Chandigarh, Panchkula and Ludhiana in connection with a money laundering case involving alleged irregularities in land allotments and financial transactions in Mohali. The operation covers premises linked to promoters, directors and associates of several real estate companies.

According to the ED, searches are being conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, at premises linked to Tirupati Infraprojects Pvt. Ltd., Remigait Build Estates (India) Pvt. Ltd., MB Infrabuild Pvt. Ltd., Mera Baba Realty Associates Pvt. Ltd. and Mera Baba Infrastructure Pvt. Ltd.

The agency is also conducting surveys at the offices of the Greater Mohali Area Development Authority (GMADA) and the Punjab Government's Department of Housing and Urban Development. Investigators are collecting evidence related to transactions between the companies under scrutiny and GMADA.

The investigation has revealed that the promoters of Tirupati Infraprojects Pvt. Ltd. also exercise control over Remigait Build Estates (India) Pvt. Ltd. and MB Infrabuild Pvt. Ltd. These companies had acquired two significant auctioned sites of GMADA in Mohali and subsequently allegedly received substantial relief in the amounts payable to the authority.

The ED suspects that the process resulted in an undue benefit of more than Rs 100 crore to the companies concerned, while allegedly causing a corresponding loss to government revenue.

The agency is also examining the role of a consultancy firm, Teela Consultants and Contractors Pvt. Ltd. The company has been associated with various consultancy assignments for GMADA, and the ED suspects that it may have acted as an intermediary in the alleged irregularities.

Tirupati Infraprojects Pvt. Ltd. is already under investigation by the Central Bureau of Investigation (CBI) and the ED. The company has also been accused in a bank fraud case involving approximately Rs 290 crore in connection with the Radisson Blu hotel project in West Delhi's Paschim Vihar.

The ED said that documents, digital records and details of financial transactions recovered during the searches are being examined. Further investigation in the case is underway.

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Hindusthan Samachar / Jun Sarkar