ED Conducts Raids At 11 Punjab Properties Over Industrial Plot Allotments

The Enforcement Directorate (ED) on Thursday said it conducted searches at 11 properties in Punjab as part of a money laundering investigation into alleged irregularities in the allotment of industrial plots by the Punjab Small Industries and Export Corporation (PSIEC). The searches were carried out from August 4 to 6 at locations in Amritsar, Gurdaspur and Ludhiana and targeted officials of the state-run corporation and their associates.

The agency also conducted a survey at the PSIEC office as part of the investigation. The ED said the case was initiated after it took cognisance of a police complaint registered by the Punjab Vigilance Bureau. The complaint allegedly involved corruption in the allotment of industrial plots and named PSIEC officials as well as private individuals.

According to the ED, plots meant for industrial development were allegedly allotted to applicants who did not have manufacturing or industrial backgrounds. The agency alleged that some applicants used fake companies and false addresses to obtain the plots and that bribes were paid to officials in connection with the allotments. These allegations form part of the ongoing money laundering investigation.

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The ED also alleged that certain allottees exploited a provision referred to as a “zero period” to delay taking possession of plots for several years. According to the agency, the classification enabled them to defer payments without attracting interest. Investigators further alleged that some plots were subsequently subdivided and converted for residential or commercial purposes or transferred to third parties through shell entities.

During the searches, the agency said it seized documents, digital devices and Rs 12.15 lakh in unaccounted cash. The ED also said it froze bank accounts containing around Rs 4.01 crore belonging to two retired PSIEC officials, Surinder Pal Singh and Jaswinder Singh Randhawa, as part of the investigation.

The ED said its probe into the alleged plot allotment irregularities and suspected generation of illicit proceeds was continuing. The allegations made by the agency are part of an ongoing investigation and have not been established in court. There was no immediate response from PSIEC or the individuals named in the agency's statement.

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