Tag: Pearls Group

Latest StoriesRegulatory

ED Seizes ₹5,000 Crore Assets in PACL Case

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…

Latest StoriesRegulatory

ED Seizes ₹762 Crore in PACL Assets

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),…