Ludhiana: ED seizes FDRs worth Rs 7 crore, cash & foreign currency

LUDHIANA: The Enforcement Directorate (ED) search operation at multiple locations under the Prevention of Money Laundering Act in Punjab, including five premises in Ludhiana, ended late Thursday.
ED sleuths seized Rs 10 lakhs in Indian currency and some foreign currency, besides bank lockers and FDRs of about Rs 7 crore. The assets have been frozen by the ED.
In Ludhiana, the ED had raided residential and business premises of prominent businessman Gurdeep Singh of Jhujhar Transport Group and Fastway Group.Sources claimed that none of the seizures were made from him but the teams found some monetary transactions from Surinder Pal Singh Pahalwan, who is a former chief engineer of the Punjab Mandi Board and Greater Mohali Area Development Authority, to his companies.
A highly placed source privy to the investigation said, “A search operation was done at various premises in Ludhiana, Mohali, Chandigarh and Nawanshahar on November 25, 2021, in which residential and business premises of Surinder Pal Singh Pehalwan, his associates and even the residential premises of Gurdeep Singh Jujhar and main business premises of companies controlled by him in relation to the said case against Surinder Pal Singh and others under PMLA (Prevention of Money Laundering Act) were covered. The ED had started money laundering investigation in April 2021 following an FIR and chargesheet filed by the state vigilance bureau against Surinder Pal Singh and his associates... for misusing his official position in allotting multicrore rupees projects to his favoured companies.”
“The money earned as bribe by Surinder Pal Singh by favouring these firms was circulated in his bogus firms in the name of his family members and close associates. During investigation by ED, it was found that certain part of this tainted money from the companies owned and controlled by Surinder Pal Singh and or his family members had also flown to Gurdeep Singh Jujhar. A total of eight premises were searched by ED, which resulted in seizure of more than Rs 10 lakhs and some foreign currency. Bank lockers and FDs of close to Rs 7 crore found during search have been frozen by the ED. Besides, certain incriminating documents and mobile phones among others were also seized,” source added.