Enforcement Directorate attaches assets worth ₹762.47 crore in PACL case

The Enforcement Directorate (ED) has provisionally attached immovable properties worth about ₹762.47 crore in the PACL case.

The properties are located across Punjab, Haryana, Delhi, Maharashtra, and Australia.

The ED probe is based on the first information report registered by the Central Bureau of Investigation against PACL Limited, PGF Limited, its promoter Nirmal Singh Bhangoo (since dead), and others.

The case pertains to alleged large-scale fraudulent collective investment schemes floated by PACL that were structured to deceive and defraud investors. ”Through these deceptive schemes, PACL, through its directors and others, collected and misappropriated about ₹48,000 crore from investors,” according to the agency.

The ED investigation revealed that the funds  collected from lakhs of gullible investors were systematically diverted and layered through multiple transactions to conceal their illicit origins. The tainted funds were also used to acquire 68 immovable properties having a current market value of ₹762.47 crore in various names, as alleged.