LUDHIANA, PUNJAB — The Enforcement Directorate (ED) has intensified its crackdown on two major financial criminal syndicates operating out of Punjab. The ongoing investigations, which involve systemic money laundering, fraudulent tax claims, and the alleged manipulation of industrial land allotments, have sent shockwaves through the state’s business and political circles.
The Mandi Gobindgarh Fake Billing Syndicate
Federal investigators have uncovered a sprawling money-laundering network centered in Mandi Gobindgarh, where a staggering ₹3,089.57 crore was siphoned through a sophisticated fake billing scheme.
According to the complaint filed by ED Assistant Director Suraj Kumar Yadav at the Jamalpur police station in Ludhiana, the syndicate specialized in creating “paper transactions”—transferring fake invoices without any corresponding movement of goods or services. By doing so, the operators successfully claimed massive amounts of Input Tax Credit (ITC) from the government.
Exploiting the APMC Loophole
The investigation highlights a calculated misuse of the Agricultural Produce Market Committee (APMC) banking ecosystem. By routing proceeds through these accounts, the suspects masked illicit cash flows as legitimate agricultural payments.
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The Modus Operandi: Massive, daily cash transactions are a hallmark of APMC operations. The syndicate relied on this volume to camouflage their money laundering, withdrawing cash immediately after funds were deposited.
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Key Accused: The ED has named Amit Kumar Goyal, Manish Kumar, Gaurav Agarwal, and Gurdeep Singh in the case.
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Systemic Failures: Intelligence software flagged the suspicious activity, which is now leading to an expanded probe into the complicity of bank officials and chartered accountants who allegedly facilitated the scheme.
Land Allotment and Shell Company Fraud: The Ritesh Properties Case
In a parallel high-profile operation, the ED is turning its attention to the industrial and real estate sector. The agency has issued a formal summons to the Chief General Manager (CGM) of the Punjab Small Industries and Export Corporation (PSIEC) regarding the controversial allotment of 40 acres of industrial land to Ritesh Properties, a firm linked to former Industries Minister Sanjeev Arora.
Allegations of Systematic Defrauding
The investigation into this case suggests a multi-layered financial fraud:
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Fictitious Exports: The ED alleges that companies associated with Arora orchestrated a scheme involving the mobile phone business, showing fictitious sales worth ₹157.12 crore through a network of shell companies. This was ostensibly done to claim export tax benefits and refunds.
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Political and Corporate Nexus: Sanjeev Arora was taken into custody by the ED on May 9, 2026. Despite his legal team’s efforts, a special ED court in Gurugram denied his bail plea on June 17, 2026, citing the potential for witness intimidation and evidence tampering.
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Expanding Scope: The probe has widened to include the premises of Jalandhar-based contractor Amit Bajaj, who remains under intense scrutiny for his business ties to the entities involved.
A State Under the Microscope
These developments mark a significant tightening of financial oversight in Punjab. As the ED deepens its inquiries, the focus remains on the nexus between private contractors, corporate entities, and the potential failure of regulatory checks within state-run industrial and agricultural institutions.
While the investigation into the Mandi Gobindgarh case is still in its early stages of litigation, the judicial setbacks for high-profile figures in the PSIEC land case suggest that the agency is prepared for a prolonged legal battle. Authorities have indicated that further arrests and property attachments are likely as the trail of digital and financial evidence continues to emerge.
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