New Delhi, Feb 18 (UNI) The Enforcement Directorate (ED), Delhi Zonal Office, on Wednesday said it has attached 247 immovable properties worth Rs 10,021.46 crore located in SAS Nagar, Rupnagar, Zirakpur and Mohali in connection with its ongoing investigation into large-scale financial fraud involving a collective investment scheme operated by PACL Ltd. and related entities.
The ED initiated the probe under the Prevention of Money Laundering Act (PMLA) based on an FIR registered by the Central Bureau of Investigation (CBI). The FIR was lodged pursuant to directions of the Supreme Court of India. Subsequently, the CBI filed a charge sheet and a supplementary charge sheet against 33 accused, including individuals and companies, for their alleged role in running an illegal investment scheme.
As per the charge sheets, 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. The scheme allegedly 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 directed the Securities and Exchange Board of India (SEBI) to constitute a committee under the chairmanship of former Chief Justice of India Justice R M Lodha to dispose of land purchased by PACL and distribute the sale proceeds to investors. However, 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 alleged illegal sale, encroachment and misuse of land acquired using investor funds.
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.
The ED registered the case in 2016 and filed a prosecution complaint in 2018, followed by three supplementary prosecution complaints in 2022, 2025 and 2026 against various accused persons and entities allegedly involved in laundering the proceeds of crime. The Special Court (PMLA) has taken cognisance of all prosecution complaints filed so far.
The 247 attached properties have been identified as having been acquired from investor funds, constituting proceeds of crime. With this latest attachment, the ED has so far attached movable and immovable properties worth approximately Rs 17,610 crore, including assets located in India and abroad.
Further investigation into the matter is ongoing.
