In the case of M/s. Bajwa Developers Limited and others, the Directorate of Enforcement (ED) has temporarily attached property valued at Rs. 54.16 Lakh in accordance with the provisions of the Prevention of Money Laundering Act (PMLA), 2002. When searching the Mohali, Punjab, residence of Jarnail Singh Bajwa, Managing Director of M/s. Bajwa Developers Limited, the accompanying movable property was found.
The ED began an investigation based on several First Information Reports (FIRs) filed by Punjab Police under the IPC Act, 1860 against Jarnail Singh Bajwa, Managing Director, M/s. Bajwa Developers Limited, regarding cases of deception, fraud, extortion, and misrepresenting facts to innocent buyers of plots or properties; frequent plot number changes without the parties’ knowledge; and delayed registration of properties which leads to delayed possession.
According to an ED investigation, Jarnail Singh Bajwa, MD, M/s Bajwa Developers Ltd., used to use misleading and unrealistic promises to entice and induce innocent or potential property buyers to buy plots or properties in desirable and developed areas of the city. As a result, they were able to gather approximately Rs. 3.17 crore in proceeds from their crimes. Plots were never actually delivered to clients at the prearranged locations, and the accused was never reimbursed for the money she got.
The money that M/s. Bajwa Developers Limited obtained from the buyers of the properties was employed in a number of other projects. Additional research is currently being conducted.
