Firms bought land at Rs 19 lakh/acre, sold it to Punjab cricket body at Rs 3 crore

Land bought for less than Rs 20 lakh per acre was allegedly sold to the Punjab Cricket Association (PCA) for nearly Rs 3 crore per acre within months, according to the Enforcement Directorate (ED), which has sought the registration of an FIR over suspected irregularities in land purchases in Amritsar.In a letter to the Senior Superintendent of Police (SSP), Mohali, ED flagged transactions involving two firms, AGM Heights Pvt Ltd and Future Homes, which purchased land from local farmers before selling portions of it to the cricket body at significantly higher prices.The ED has alleged that the transactions may involve the misappropriation of PCA funds, pointing to the difference between the firms' original purchase costs and the amounts they subsequently received from the association.Rs 6.92 CRORE LAND SOLD FOR Rs 58.22 CROREAccording to the ED's letter, AGM Heights purchased around 7.63 acres of land from local farmers between September and November 2025 for Rs 1.36 crore. The firm subsequently sold around 4.05 acres of this land to the PCA on February 16, 2026, for Rs 12.03 crore.The second firm, Future Homes, purchased around 28.01 acres of land from local owners between August and November 2025 for Rs 5.56 crore. On February 16, 2026, it sold around 15.44 acres to the PCA for Rs 46.18 crore.India Today analysed the figures cited in ED's letter and found that the two firms, together, bought around 35.64 acres for Rs 6.92 crore and, within three to six months, sold a smaller portion of about 19.49 acres to the PCA for Rs 58.22 crore.The ED has also alleged that the PCA paid approximately 15.4 times the price originally paid by the two firms for the land.BHATINDA LAND BOUGHT AT NEARLY 4X GOVT RATEThe ED has also flagged a separate transaction involving land in village Deon, Bathinda, where the PCA paid Rs 19.76 crore to seller Darshan Singh for approximately 12.56 acres on December 20, 2024.According to records cited in the letter, the purchase price worked out to around Rs 1.57 crore per acre, against the government collector rate of Rs 40 lakh per acre.The agency said the PCA paid approximately 3.93 times the collector rate.The letter further states that Rs 7.50 lakh per kanal was the second-highest rate recorded for a single land transaction in the area during 2024-25.The PCA also purchased approximately 19.47 acres in Ajnala, Amritsar.The two land parcels in Amritsar and Bathinda together measured around 32.03 acres and were purchased for a total of approximately Rs 77.99 crore, according to the ED's letter.ED FLAGS MOVEMENT OF FUNDS AFTER DEALSBeyond the purchase prices, ED has raised questions about how the money received by the sellers was subsequently used.In the case of AGM Heights, the PCA allegedly paid Rs 11.91 crore, excluding tax deducted at source (TDS), into the firm's HDFC Bank account on February 17, 2026. The ED said the entire amount was withdrawn within two months.Among the major payments allegedly made from the funds were Rs 3.58 crore to Harimohan Kaur Randhawa, Rs 2.03 crore to company director Gurpreet Singh and Rs 69.51 lakh to a GST contractor.Future Homes allegedly received Rs 45.72 crore, excluding TDS, from the PCA through a cheque or demand draft deposited into its Punjab National Bank account on February 18, 2026.According to the ED, Rs 45 crore was subsequently transferred to the firm's partners, Ramneek Singh and Shallu Dhigra, with each receiving Rs 22.50 crore.The letter states that the partners had earlier contributed Rs 7.62 crore and Rs 5.97 crore, respectively, to the firm.Other payments allegedly included Rs 3.66 crore to Kashmir Singh, Rs 2.65 crore to five individuals from Bhalla Pind and Rs 2.30 crore to AGM Heights.The agency has also flagged payments made to Darshan Singh. It said the PCA paid him Rs 19.57 crore, excluding TDS, through eight cheques or demand drafts deposited into three bank accounts, including accounts with HDFC Bank and ICICI Bank.The ED alleged that most of the money was transferred to various individuals and that Rs 44.60 lakh was withdrawn in cash.ED FLAGS LINKS BETWEEN THE FIRMSThe letter also raises questions about the financial dealings between AGM Heights and Future Homes.According to the ED, Future Homes opened its bank account on July 24, 2025, with deposits from its partners. The account received Rs 59.72 crore, including Rs 45.72 crore from the PCA, while total debits amounted to Rs 59.56 crore.The agency said most of the money was transferred to the firm's partners. It also flagged a transfer of Rs 1.5 crore to AGM Heights after Future Homes received funds from the PCA, describing it as another suspicious transaction between the entities involved in the land deals.The ED further cited public records showing that AGM Heights was incorporated in 2023 with a share capital of Rs 15 lakh and paid-up capital of Rs 2 lakh. The agency has questioned the firm's land transactions within the first few years of its incorporation.Additionally, the ED's letter refers to Amarjit Singh Mehta, who has been the PCA president since February 2023 and hails from Bathinda. It also mentions that his son, Padamjeet Singh Mehta, is the Mayor of Bathinda.The agency noted that the Bathinda land parcel purchased from Darshan Singh in December 2024 was acquired during Mehta's tenure as PCA president.The PCA is the governing body for cricket in Punjab and the Union Territory of Chandigarh and is affiliated with the Board of Control for Cricket in India (BCCI). Its headquarters are at the IS Bindra Stadium in Mohali.Based on its preliminary enquiries, the ED has alleged that PCA funds were misappropriated under the pretext of land purchases at inflated prices and that substantial amounts were withdrawn in cash after payments were made to private firms and individuals.The agency said the transactions may involve cognisable offences, including criminal conspiracy and cheating under Sections 61(2) and 318(4) of the Bharatiya Nyaya Sanhita, 2023, corresponding to Sections 120B and 420 of the Indian Penal Code, 1860.- Ends