The Enforcement Directorate (ED) has conducted extensive raids across at least 12 locations in Mohali, Chandigarh, and Patiala, targeting various real estate groups associated with the Suntec City project, which is developed by the Indian Cooperative Housing Building Society (ICHBS). Key figures in this investigation include ICHBS promoter Ajay Sehgal, as well as representatives from ABS Townships, Altus Space Builders, and Dhir Constructions. These operations were executed under the provisions of the Prevention of Money Laundering Act (PMLA). The raids reveal a broader initiative by the agency to investigate potential money laundering activities linked to these prominent real estate developers.
Notably, the investigation has drawn in political figures, including Punjab minister Aman Arora, who is also the Aam Aadmi Party (AAP) president. The ED's inquiries suggest that Gaurav Dhir, a businessman associated with Dhir Constructions, has close ties to Arora. In response to the ED's actions, Arora has criticized the BJP-led central government, claiming that federal agencies are being weaponized to intimidate political adversaries. He stated, "The ED raids have exposed the BJP-led Centre's growing desperation to crush political rivals through fear and vendetta." Opposition leaders have further alleged that the individuals being investigated are connected to aides of Chief Minister Bhagwant Mann, a claim that Mann has refuted, asserting that the agency's operations are unrelated to the AAP.
The ED's recent aggressive stance in Punjab, which is gearing up for elections in early 2027, includes other significant raids on politically connected individuals. These operations have involved state industries minister Sanjeev Arora, his family, and Rajya Sabha MP Ashok Kumar Mittal, who recently defected to the BJP from the AAP following the ED's scrutiny. This trend of targeting politically linked figures raises concerns about the intersection of governance and business interests in the region.
During the raids, the ED reported seizing approximately ₹1 crore in cash, marking a noteworthy development in these investigations. The situation escalated dramatically when occupants of a luxury high-rise in Mohali allegedly attempted to dispose of cash by throwing bags filled with money from a ninth-floor window as ED officials initiated their search. Specifically, ₹21 lakh was recovered, thrown out in an effort to evade detection. The ED's inquiries into the Suntec City project stem from a November 2022 FIR filed by the Punjab Police, which alleges that Sehgal and his associate Suresh Kumar Bajaj forged consent letters for land use, enabling them to secure change of land use (CLU) approvals from the Greater Mohali Area Development Authority (GMADA). It is reported that these activities allowed the promoters to amass over ₹150 crore without executing any legitimate sale deeds, highlighting serious concerns regarding land use governance and financial integrity in Punjab's real estate sector.