Chandigarh, August 13, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) on Thursday conducted searches at multiple locations in Chandigarh and Punjab in connection with a money laundering investigation into alleged irregularities in the allotment of industrial plots by the Punjab Small Industries and Export Corporation (PSIEC).
The ED’s Jalandhar Zonal Office carried out searches in Amritsar, Gurdaspur and Ludhiana, besides conducting a survey at the PSIEC office. The searches were focused on alleged allotment of industrial plots in the names of relatives, friends and other associates of PSIEC officials.
The agency said several incriminating documents and digital devices were recovered and seized during the searches.
The money laundering investigation originated from an FIR registered by the Vigilance Bureau under provisions of the Prevention of Corruption Act, 1988 and the Indian Penal Code against several PSIEC officials and private individuals.
According to the ED’s investigation, industrial plots were allegedly allotted to individuals who had no knowledge of technical industries. Private applicants allegedly used fake firms and addresses while applying for the plots and, through their alleged connections with PSIEC officials, secured allotments.
The agency also found that possession of several plots was not handed over within the stipulated period and was allegedly delayed for years. The intervening period was treated as a “zero period”, while allotment dates were shifted forward by several years, enabling payment plans with zero interest for that period.
The ED said its enquiries indicated that illegal allotments were allegedly made in exchange for substantial bribes received directly or indirectly by officials through cash transactions and layered financial arrangements.
Several plots were allegedly allotted in the names of shell entities and fictitious firms and subsequently sold to third parties at prevailing market rates, generating substantial proceeds, the agency said.
The investigation further found allegations that plots allotted for industrial purposes were bifurcated and diverted for residential and commercial development.
During the searches, the ED recovered and seized unaccounted cash amounting to Rs 12.15 lakh. The agency also froze Rs 4.01 crore in bank accounts linked to two former PSIEC officials — Surinder Pal Singh, former Chief General Manager, and Jaswinder Singh Randhawa, former General Manager.
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