The Enforcement Directorate (ED) is investigating land transactions in Amritsar, where land purchased for less than Rs 20 lakh per acre was allegedly sold to the Punjab Cricket Association (PCA) for nearly Rs 3 crore per acre. The agency has requested the registration of a First Information Report (FIR) concerning suspected irregularities in these dealings.

According to the ED’s communication to the Senior Superintendent of Police (SSP) in Mohali, two firms—AGM Heights Pvt Ltd and Future Homes—are at the centre of these transactions. These firms reportedly acquired land from local farmers before reselling portions to the PCA at significantly inflated prices.

The ED has raised concerns about the potential misappropriation of PCA funds, citing the stark contrast between the original purchase prices and the amounts received from the association. This investigation highlights the need for scrutiny of financial dealings involving the PCA.

Significant Profit Margins Reported

The ED’s letter details that AGM Heights bought approximately 7.63 acres of land from local farmers between September and November 2025 for Rs 1.36 crore. Subsequently, on February 16, 2026, the firm sold around 4.05 acres of this land to the PCA for Rs 12.03 crore.

Future Homes, on the other hand, acquired about 28.01 acres of land from local owners for Rs 5.56 crore during the same period. This firm sold approximately 15.44 acres to the PCA on the same date for Rs 46.18 crore. The ED’s analysis indicates that the two firms collectively purchased around 35.64 acres for Rs 6.92 crore and sold about 19.49 acres to the PCA for Rs 58.22 crore within a span of three to six months.

Furthermore, the PCA is alleged to have paid approximately 15.4 times the original purchase price for the land. This substantial profit margin has raised alarms regarding the legitimacy of these transactions.

Concerns Over Fund Movements and Links Between Firms

The ED has also scrutinised the movement of funds following these transactions. For instance, AGM Heights reportedly received Rs 11.91 crore, excluding tax deductions, from the PCA on February 17, 2026. The entire amount was withdrawn within two months, with significant payments made to various individuals, raising questions about the purpose of these withdrawals.

In a similar vein, Future Homes allegedly received Rs 45.72 crore from the PCA, which was subsequently transferred to its partners. The ED noted that these transactions appear to involve suspicious financial activities, including a transfer of Rs 1.5 crore to AGM Heights shortly after receiving PCA funds.

Additionally, the ED’s letter mentions a separate transaction involving land in Bathinda, where the PCA paid Rs 19.76 crore for approximately 12.56 acres, significantly above the government collector rate. This transaction has drawn further scrutiny regarding the PCA’s financial decisions.

The ED has also highlighted the connections between AGM Heights and Future Homes, indicating that both firms have engaged in questionable financial dealings. Public records show that AGM Heights was established in 2023, raising concerns about its rapid involvement in substantial land transactions shortly after its incorporation.

As the investigation unfolds, the ED has indicated that these transactions may involve serious offences, including criminal conspiracy and cheating, under relevant sections of the Bharatiya Nyaya Sanhita, 2023, and the Indian Penal Code, 1860. The PCA, which governs cricket in Punjab and Chandigarh, is now under scrutiny for its financial practices and land acquisition strategies.

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