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What the High Court’s interim bail means
The reported order allows both brothers to remain on interim bail through November 16, 2026. The available report does not set out the full bail conditions, so it is not possible to specify any reporting, travel or other requirements. Nor does interim bail determine whether the alleged money laundering occurred.
Hindustan Times reports that Justice Sanjay Vashist gave the ED time to answer issues raised by the petitioners concerning the validity of the proceedings. The report does not provide a confirmed next hearing date.
What the ED case is reported to concern
According to Hindustan Times, the ED’s case stems primarily from a Phase 8 police-station FIR registered in July 2025. It concerns alleged non-payment of about ₹15 crore in external development charges (EDC) and other dues to the Greater Mohali Area Development Authority (GMADA) for a housing project on the Zirakpur–Patiala road in Banur. A September 2025 Enforcement Case Information Report (ECIR) also incorporates two other FIRs, one registered by the Punjab Vigilance Bureau and one in Delhi.
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The principal laundering allegation, as reported, is that funds collected from plot buyers for the Chandigarh Royale City project were diverted. These are allegations in the case, not findings of guilt.
What the brothers argued—and what the court reportedly questioned
The brothers argued that the dispute with GMADA was contractual and that alleged non-payment of EDC could not constitute proceeds of crime. They also said they had not managed the company since 2016 and held minority shareholdings.
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They further argued that the project was completed, possession delivered and registrations completed, and that no customer had complained of embezzlement or diversion. These are submissions attributed to the petitioners, not independently verified findings.
Hindustan Times attributed this question to the court: “If not paid for any good or bad reason to GMADA, in the absence of any grievance even raised by a single investor, whether such deposit lying with the company would amount to proceed of crime (POC) or simply not completing the contractual obligation of paying it further to GMADA”. The report also says the court questioned whether GMADA could initiate penal proceedings by having an FIR registered that then became the predicate offence for the ED complaint. The reported questions do not resolve those issues.
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The report said the court referred to ₹15 crore in investor deposits that had accrued to ₹48 crore with interest while lying in the company account. That is a case-specific amount described as a court observation in the news report, not an independently verified financial finding.
How this differs from the earlier bail decision
On August 15, 2026, a Mohali court rejected bail pleas from both brothers, according to an earlier Hindustan Times report. That report said the lower court cited possible evidence tampering or absconding, pending forensic examination of electronic devices, and failure to meet the twin conditions under Section 45 of the Prevention of Money Laundering Act. Those were reasons reported for the earlier bail rejection; they are not a final finding of guilt. The High Court’s later interim relief is a separate procedural development.
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What remains unconfirmed
The available report does not give the case number, reproduce the full High Court order or list its complete conditions. It also does not confirm the next hearing date. The precise procedural position and any conditions should therefore be checked against the order when available.
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