NEW DELHI: The Enforcement Directorate (ED) has announced the attachment of additional properties valued at over Rs 5,000 crore as part of an ongoing money laundering investigation into Chandigarh-based PACL (Pearls Group), which is accused of running a Rs 48,000 crore ponzi scheme.
These 126 properties are situated in Punjab and Delhi. The ED issued a provisional order under the Prevention of Money Laundering Act (PMLA) for the attachment of these assets, which are valued at Rs 5,046.91 crore.
As a result of this action, the agency has so far attached total properties worth Rs 22,656.91 crore, including both domestic and international assets belonging to PACL and its associated entities and individuals.
The ED’s investigation commenced in 2016, linked to a CBI case registered in 2014 against PACL Ltd, its deceased promoter Nirmal Singh Bhangoo, and others, initiated on the Supreme Court’s directive.
Notably, Bhangoo passed away in August 2024.
The implicated entities and personnel behind PACL are accused of managing an “illegal” collective investment scheme, fraudulently collecting over Rs 60,000 crore from millions of investors throughout India under the pretense of agricultural land sale and development, according to the ED.
Investors were enticed to contribute through cash and installment plans and were made to sign “deceptive” documents, including agreements and powers of attorney, the agency explained.
“In the majority of instances, no land was delivered, and about Rs 48,000 crore remains owed to investors,” the agency reported.
To date, five chargesheets have been submitted by the ED for this case initiated in 2016.
