The Enforcement Directorate (ED) has taken decisive action in two separate financial crime cases in Punjab, targeting illicit funds from drug trafficking and fraudulent investment schemes. In a significant crackdown, the agency has provisionally attached properties valued at Rs 2.18 crore and frozen bank deposits totaling Rs 4.07 crore.
Drug Trafficking Case: Properties Attached Under PMLA
In an inter-state drug trafficking investigation, the ED's Jalandhar Zonal Office has provisionally attached four immovable properties worth Rs 2.18 crore along with a bank deposit of Rs 1.2 lakh. This action was taken on February 2 under the Prevention of Money Laundering Act (PMLA), 2002, targeting entities allegedly involved in the illegal trade of psychotropic substances.
Entities and Allegations in the Drug Case
The attached properties belong to Soul Healthcare (I) Pvt Ltd, Akhil Jai Singh of Aster Pharma, Ankit Kumar of MP Traders, and Alex Palial of Kanix Pharma. According to the ED, manufacturer Soul Healthcare (I) Pvt Ltd and its distributor Aster Pharma were engaged in illegal activities, receiving proceeds of crime in cash.
The case revolves around the unlawful supply of psychotropic drugs such as tramadol and alprazolam. The investigation was initiated based on FIRs registered by the Punjab Police under the Narcotic Drugs and Psychotropic Substances (NDPS) Act, following the recovery of tramadol-based tablets and drug money from peddlers.
Investigation Details and Previous Actions
ED probes revealed that middlemen procured large quantities of psychotropic tablets from pharmaceutical manufacturers and diverted them for illegal cash sales without proper bills or prescriptions. Earlier investigative steps included searches conducted on June 17, 2025, and the arrest of Abhishek Kumar of Shri Shyam Medical Agency on December 9, 2025, who remains in judicial custody. Further investigation is currently underway.
Ponzi Scheme Case: Bank Accounts Frozen
In a separate case, the ED has frozen approximately Rs 4.07 crore in four bank accounts belonging to Crown Credit Co-operative Society Limited. This action is connected to a Ponzi scheme that allegedly defrauded investors across Punjab.
Modus Operandi of the Ponzi Scheme
The ED spokesperson stated that Jagjeet Singh, president-cum-managing director of the society, along with his associates, induced members of the public to deposit money by making false assurances of high returns. This deceptive practice resulted in cheating investors and causing wrongful losses.
Investigations indicate that the society, its president Jagjeet Singh, vice-president Gurmeet Kaur, and agents collected deposits from the public with promises of quick and high returns, including doubling of money. The collected funds were allegedly diverted for personal use and to pay earlier investors, a classic hallmark of Ponzi schemes.
Legal Basis and Current Status
The money laundering probe in this case was initiated based on multiple FIRs registered by the Punjab Police against the society and others. The deposits were consolidated in four bank accounts of the society, which have now been provisionally attached. Further investigation is ongoing to uncover the full extent of the fraud.
These coordinated actions by the Enforcement Directorate highlight the agency's continued vigilance against financial crimes in Punjab, targeting both drug-related money laundering and investment frauds that exploit public trust.
