Punjab & Haryana High Court denies bail to real estate developer in ₹662 crore PMLA case

The Punjab & Haryana High Court has rejected a bail petition filed by a real estate developer in a Prevention of Money-Laundering Act (PMLA) case involving ₹662 crore. Justice Manisha Batra held that the developer failed to meet the twin conditions under Section 45(1) PMLA required for bail.

The Court found no reasonable grounds to believe the petitioner was innocent or unlikely to commit further offences if released. The bench also considered the severity of the alleged economic crime, investigation materials, and the triple test for bail eligibility.

The developer, who operated real estate projects around Mohali, has faced multiple FIRs since 2017 from homebuyers alleging non-execution of sale deeds, delayed possession delivery, and unauthorized unit substitutions. The Enforcement Directorate registered the PMLA case following these complaints.