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ED attaches assets worth over Rs 50L in PMLA case
Enforcement Directorate
The Enforcement Directorate (ED) has provisionally attached property worth Rs 54.16 lakh under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with its probe into an alleged case of cheating by Bajwa Developers Limited and others.
New Delhi: The Enforcement Directorate (ED) has provisionally attached property worth Rs 54.16 lakh under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with its probe into an alleged case of cheating by Bajwa Developers Limited and others.
According to the ED, the attached movable property was seized during the search conducted on the residential premises of Jarnail Singh Bajwa, Managing Director of Bajwa Developers Limited, situated at Mohali in Punjab.
The ED had initiated investigation on the basis of various FIRs registered by Punjab Police under the relevant sections of the IPC against Bajwa in connection with the cases of cheating, fraud, extortion, misrepresentation of facts to the innocent plot/property buyers, frequent changing of plot numbers without knowledge of parties to 'Agreement to Sale' and delayed registration of properties which leads to delayed possession.
"ED investigation revealed that Bajwa used to induce and allure innocent and prospective property buyers to purchase plots/ properties at prime and developed area of the city with false and impractical promises and they had managed to collect Proceeds of Crime of Rs 3.17 crore (approximately)," said the official. However, actual plots were never delivered to customers at the sites agreed on and even the amount received by the accused was not returned. Money received from the property buyers was used in various other projects run by Bajwa Developers Limited, the ED said.
