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The Enforcement Directorate (ED) has attached 126 immovable properties valued at Rs 5046.91 crore located in Punjab and Delhi in connection with its ongoing investigation into a large-scale alleged financial fraud involving a collective investment scheme operated by PACL Ltd and related entities.
https://x.com/dir_ed/status/2034902685900841143?s=20 The attached properties have been identified as having been acquired from investor funds, constituting Proceeds of Crime. With this attachment, ED has so far attached movable and immovable properties worth approximately Rs 22,656.91 crore, including assets located in India and abroad, belonging to PACL and its related entities and persons. ED said its Delhi zonal office attached these properties under the Prevention of Money Laundering Act (PMLA), 2002, based on its investigation initiated based on FIR dated February 19, 2014, registered by the Central Bureau of Investigation (CBI), New Delhi, under Sections 120-B and 420 of the Indian Penal Code, 1860. ED said the FIR was registered pursuant to directions of the Supreme Court of India. Subsequently, CBI filed a charge-sheet and a supplementary chargesheet against 33 accused, including individuals and companies, for their role in running an illegal investment scheme. As per the charge-sheets, ED said in a statement, the accused entities and persons operated a massive illegal collective investment scheme, fraudulently mobilising over Rs 48,000 crore from lakhs of investors across India under the pretext of sale and development of agricultural land. "Investors were induced to invest under Cash Down Payment and Instalment Payment Plans, and were made to sign misleading documents such as agreements, powers of attorney and other instruments. In most cases, land was never delivered, and approximately Rs 48,000 crore remains unpaid to investors," said the federal probe agency. "The scheme involved the use of multiple front entities and reverse sale transactions to conceal the fraud and generate wrongful gains." After registration of the FIR, the Supreme Court, vide order dated February 2, 2016, directed the Securities and Exchange Board of India (SEBI) to constitute a committee under the chairmanship of former Chief Justice of India, Justice RM Lodha, to dispose of the land purchased by PACL and to distribute the sale proceeds to the investors. However, ED said, further investigation revealed continued illegal dissipation of PACL assets, leading to registration of three additional FIRs by the Punjab Vigilance Bureau, Jawahar Circle Police Station, Jaipur, and Attibele Police Station, Bengaluru, for illegal sale, encroachment, and misuse of land acquired using investors' funds. It's said searches conducted in these cases resulted in the seizure of incriminating materials, including blank sale deeds, signed cheque books, and identity documents, indicating systematic attempts to siphon and dispose of the Proceeds of Crime. ED recorded an Enforcement Case Information Report (ECIR) in 2016 and filed a Prosecution Complaint in 2018, followed by four Supplementary Prosecution Complaints in 2022, 2025 and 2026, against various accused persons and entities involved in laundering the Proceeds of Crime. The special court (PMLA) has taken cognisance of all Prosecution Complaints filed so far. (ANI)
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