The Enforcement Directorate (ED) has provisionally seized assets worth Rs 54.16 lakh in connection to a Prevention of Money Laundering Act (PMLA) case involving Bajwa Developers Limited and associates.
These assets, identified as movable property, were confiscated during a search conducted at the residential premises of Jarnail Singh Bajwa, the Managing Director of Bajwa Developers Limited, located in Mohali, Punjab.
The ED’s investigation was instigated following FIRs filed by the Punjab Police against Jarnail Singh Bajwa. The charges included cheating, fraud, extortion, misrepresentation in property deals, and altering plot numbers without the knowledge of the parties involved in the ‘Agreement to Sale’, among other allegations.
Upon scrutiny, the ED found that Jarnail Singh Bajwa allegedly lured potential property buyers into purchasing plots in prime city areas through deceitful assurances, amassing a total of Rs. 3.17 crore.
However, despite the promises made, the accused failed to deliver the actual plots at the agreed-upon locations, and neither did they refund the collected amount. Allegedly, the funds received from property buyers were diverted into various other projects undertaken by Bajwa Developers Limited.
