The Enforcement Directorate (ED) on Thursday said it has attached 169 immovable properties worth Rs 3,436.56 crore in Ludhiana district of Punjab as part of its ongoing probe in the PACL money laundering case.
The ED said its probe found that a part of the money collected from lakhs of investors was used to acquire these 169 immovable properties, which are currently valued at Rs 3,436.56 crore and are registered in the name of PACL.
The ED’s Delhi zonal office attached the properties under the Prevention of Money Laundering Act (PMLA), 2002. The action followed a probe initiated on the basis of an FIR registered by the Central Bureau of Investigation (CBI) under Sections 120-B and 420 of the Indian Penal Code (IPC), 1860 against PACL Ltd., PGF Ltd., late Nirmal Singh Bhangoo, and others.
The case relates to large-scale fraudulent collective investment schemes launched by PACL. Through these schemes, the company and its associates allegedly cheated investors and misappropriated nearly Rs 48,000 crore, which has been treated as proceeds of crime.
So far, the ED has attached movable and immovable assets worth Rs 5,602 crore in the case. These include properties located across India as well as assets across the world.
In addition, one prosecution complaint and two supplementary prosecution complaints have been filed in the case till now.
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