The Enforcement Directorate (ED) has provisionally attached 126 immovable properties worth approximately ₹5,046.91 crore in Delhi and Punjab in a case alleging large-scale fraud involving a collective investment scheme operated by PACL Limited and related entities.
With this action, the agency has thus far attached movable and immovable properties valued at approximately ₹22,656.91 crore, including assets located both in India and abroad in this case.
The ED probe is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) on February 19, 2014, pursuant to the Supreme Court’s directions. Subsequently, the CBI filed a chargesheet and a supplementary chargesheet against 33 accused, including individuals and companies.
As per the chargesheets, the accused entities and individuals operated a massive illegal collective investment scheme, fraudulently mobilising over ₹48,000 crore from lakhs of investors across India under the pretext of selling and developing agricultural land
People 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. Multiple front entities and reverse sale transactions were used to conceal the fraud, as alleged.
