Chandigarh : 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). 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.
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.
The ED has also alleged that the PCA paid approximately 15.4 times the price originally paid by the two firms for the land. The 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. 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 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 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 has raised questions about how the money received by the sellers was subsequently used.
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.
Other payments allegedly included Rs 3.66 crore to Kashmir Singh, Rs 2.65 crore to five individuals from Punjab’s 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.
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.
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