NEW DELHI: The Enforcement Directorate (ED) announced on Saturday that it has attached assets valued at over Rs 762 crore belonging to PACL (Pearls Group) and its promoters under the anti-money laundering law. This action relates to an alleged Ponzi scheme that swindled investors out of approximately Rs 48,000 crore.
A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to seize 68 immovable properties located across Punjab, Haryana, Delhi, Maharashtra, and Australia.
This money-laundering investigation dates back to 2015 and originated from a Central Bureau of Investigation (CBI) FIR against Pearl Agrotech Corporation Limited (PACL), PGF Limited, its main promoter the late Nirmal Singh Bhangoo, and others, accused of running fraudulent investment schemes.
According to the ED, PACL and its directors “defrauded” investors by collecting funds amounting to around Rs 48,000 crore under false pretenses.
The agency elaborated that the fraudulently acquired funds from numerous unsuspecting investors were systematically funneled through various transactions to mask their illegal source.
The assets now under attachment are registered in the names of Bhangoo, his family, and related entities associated with PACL, with a total value of Rs 762.47 crore.
Bhangoo passed away in August last year.
