The Enforcement Directorate (ED) carried out search operations on Tuesday at the Ludhiana residence of chartered accountant Ankur Garg as part of a continuing investigation into alleged money laundering activities connected with Hampton Sky Realty Ltd.
Information was available with The Chenab Times that ED teams arrived at the premises early in the morning, and the search operation extended for several hours. This action is reportedly part of coordinated raids that took place at six different locations. These locations spanned across Ludhiana and Jalandhar in Punjab, Bareilly in Uttar Pradesh, and the Delhi-Noida region, all conducted under the provisions of the Prevention of Money Laundering Act (PMLA).
The searches were directed at both residential and business establishments believed to be associated with individuals and entities involved in the ongoing case. The specific allegations against any individual in this particular investigation have not been disclosed by the officials.
Ankur Garg has a prior history with legal scrutiny. In November 2020, he was arrested by the Central Goods and Services Tax (CGST) Commissionerate in Ludhiana. His arrest at that time was in connection with an alleged racket involving bogus billing, with transactions purportedly amounting to approximately Rs 252 crore.
Sources familiar with the local business community have indicated that Garg is considered a close associate of businessman Hemant Sood and former Punjab minister Sanjeev Arora. However, the ED has not provided details linking these individuals to the current investigation.
The broader money laundering probe aims to uncover financial irregularities and the alleged diversion of funds by entities linked to real estate development. The ED’s investigations under the PMLA are designed to trace and seize assets that are proceeds of crime, ensuring financial accountability.
The simultaneous raids in multiple states underscore the widespread nature of the alleged financial crime being investigated. The involvement of chartered accountants in such probes often points to sophisticated methods of financial manipulation. The ED’s focus on Hampton Sky Realty Ltd suggests a deep dive into the company’s financial dealings and its associates.
The Prevention of Money Laundering Act, 2002, provides the ED with extensive powers to investigate financial crimes, attach properties involved in money laundering, and prosecute offenders. The agency has been actively pursuing such cases across the country to curb illicit financial flows.
The investigation is expected to continue, with authorities gathering further evidence and information from the seized documents and digital devices. The outcomes of these searches will likely shape the next phase of the probe into Hampton Sky Realty and its alleged accomplices.
Previous reports indicated that other premises, including those of a Municipal Corporation contractor in Jalandhar, were also targeted as part of the same inquiry. This suggests a comprehensive approach by the ED to map out the entire network involved in the alleged money laundering scheme.
The action taken by the Enforcement Directorate highlights the increasing focus on financial crimes and the efforts to bring perpetrators to justice under stringent legal frameworks like the PMLA.
The Chenab Times News Desk