The Enforcement Directorate (ED) has provisionally attached 37 immovable properties valued at Rs 1,986.48 crore in Ludhiana and Jaipur under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The action is part of an ongoing investigation into a large-scale financial fraud involving a collective investment scheme operated by M/s PACL Ltd and its related entities. The probe pertains to an FIR dated February 19, 2014, registered by the CBI under Sections 120-B and 420 of the IPC.
Investigations revealed that the accused entities and individuals operated an illegal collective investment scheme, fraudulently mobilising more than Rs 60,000 crore from lakhs of investors across India under the pretext of sale and development of agricultural land.
Investors were reportedly induced to invest through cash down payment and instalment payment plans and were made to sign misleading documents, including agreements, powers of attorney and other instruments.
In most cases, no land was delivered, and about Rs 48,000 crore remains unpaid to investors. The scheme allegedly involved multiple front entities and reverse sale transactions to conceal the fraud and generate unlawful gains.
Further investigation established that the funds collected from unsuspecting investors were routed through various related and unrelated entities and were ultimately credited to the bank accounts of Nirmal Singh Bhangoo, his family members and associates, and related entities of M/s PACL. These funds were allegedly used to acquire immovable properties in their names.
The attached 37 properties have been identified as having been acquired from investor funds and thus constitute proceeds of crime. With this, the ED has so far attached movable and immovable assets worth Rs 7,589 crore, which include properties located in India and abroad.
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