MOHALI: The Enforcement Directorate (ED) has urged the Mohali SSP to register an FIR against the Punjab Cricket Association (PCA) over alleged irregularities in the purchase of land worth Rs 77.99 crore in Amritsar and Bathinda, claiming that the association paid highly inflated prices for the properties.In a communication to the SSP under Section 66(2) of the Prevention of Money Laundering Act (PMLA), the ED has flagged suspected criminal conspiracy, cheating and possible misappropriation of the association’s funds.It has sought registration of a case under appropriate provisions of law, including Sections 61(2) and 318(4) of the Bharatiya Nyaya Sanhita (BNS).According to the ED’s preliminary inquiry, the PCA purchased 155 kanal and 15.5 marla in Bhalle Pind, Ajnala, in Amritsar district, for Rs 58.22 crore from two firms, AGM Heights Pvt Ltd and Future Homes.It also purchased 100 kanal and 10 marla in Bathinda for Rs 19.76 crore from Darshan Singh.The total consideration for the three transactions was Rs 77.99 crore.The agency has alleged that the prices paid were substantially higher than the amounts at which the properties had been acquired by the sellers shortly before their sale to the PCA.
Land prices multiplied within months
The ED’s scrutiny of records from the Ajnala sub-registrar’s office revealed that AGM Heights had purchased land from local farmers between September and November 2025 for around Rs 2.22 lakh per kanal.On February 16, 2026, it sold 32 kanal and four marla to the PCA for Rs 12.03 crore, at approximately Rs 37.4 lakh per kanal.Similarly, Future Homes purchased land between August and November 2025 for around Rs 2.48 lakh per kanal before selling 123 kanal and 11.5 marla to the PCA on February 16, 2026, for Rs 46.18 crore, at approximately Rs 37.4 lakh per kanal.The ED stated that the two firms had acquired around 285 kanal for a combined Rs 6.92 crore and sold a portion of the land to the PCA for Rs 58.22 crore within three to six months, representing a price increase of around 15.4 times.In the Bathinda transaction, the PCA paid Rs 19.76 crore for 100 kanal and 10 marla, equivalent to approximately Rs 19.67 lakh per kanal.The government collector rate was Rs 5 lakh per kanal, or Rs 5.02 crore for the entire parcel, according to the sub-registrar’s records cited by the ED.The agency said the purchase price was around 3.93 times the collector rate and was the highest rate paid for a single land transaction in the area during 2024-25.
ED flags movement of funds after payments
The agency has also raised questions over the movement of funds after the PCA made payments to the sellers.According to the ED, a payment of around Rs 11.91 crore, excluding tax deducted at source (TDS), was deposited into AGM Heights’ HDFC Bank account on February 17, 2026.The agency’s analysis found that the amount was withdrawn within two months, with major payments allegedly made to individuals and another entity.In the case of Future Homes, around Rs 45.72 crore, excluding TDS, was deposited into the firm’s Punjab National Bank account on February 18, 2026.The ED stated that Rs 45 crore was subsequently transferred to the firm’s partners, Ramneek Singh and Shallu Dhingra, in equal amounts.The agency has also flagged transfers involving AGM Heights and other individuals, as well as cash withdrawals linked to the proceeds of the Bathinda land transaction.It has described the transactions as suspicious and sought a police investigation into the beneficiaries and the flow of funds.The ED further noted that AGM Heights was incorporated in 2023 with a paid-up capital of Rs 2 lakh, while Future Homes’ bank account, opened in July 2025, recorded credits of around Rs 59.72 crore, including the payment received from the PCA.
Seeks criminal case to investigate alleged conspiracy
Based on its preliminary findings, the ED has alleged that the land parcels were acquired by private entities and individuals shortly before being sold to the PCA at substantially higher prices.It has suspected that the association’s funds may have been misappropriated under the guise of land purchases and that a substantial amount was transferred to private entities and individuals, with some money allegedly withdrawn in cash.The agency has requested the Mohali police to register an FIR and investigate the suspected offences.The communication represents the ED’s preliminary findings and allegations; the allegations are yet to be established through a police investigation or judicial proceedings.The PCA, which governs cricket in Punjab and Chandigarh and is affiliated with the Board of Control for Cricket in India, is headquartered at the IS Bindra Stadium in Sector 63, Mohali.
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