The central investigation agency Enforcement Directorate (ED) has taken a major action against Jarnail Singh Bajwa, the owner of Punjab’s famous Bajwa Developers. ED has raided several places in the money laundering case related to fraud of Rs 600 crore. Bajwa’s three luxury vehicles have been seized. These include Porsche, BMW, and Ford Endeavor cars. Apart from this, many important documents have also been seized.
Bajwa is currently in jail
Currently, Jarnail Singh Bajwa is in jail. He is accused of collecting and defrauding investors of more than Rs 600 crore in the name of giving flats and plots. More than 44 cases are registered against Bajwa in Chandigarh and Mohali, which are related to cheating and fraud. Apart from this, many cases have also reached the consumer courts. At the same time, according to sources, the company was not audited in the last five years, which has deepened the suspicion on the company.
ED is busy gathering facts
ED’s investigation has also revealed that the advance amount taken from customers was deliberately misrepresented. Bajwa transferred this amount to several accounts, including his son’s and business accounts. ED’s investigation is ongoing and the exact financial fraud is being assessed. It is expected that more information will be shared in this regard soon.
