New Delhi, March 20 (UNI) The Enforcement Directorate (ED) on Friday said it has attached 126 immovable properties worth Rs 5,046.91 crore located in Punjab and Delhi in connection with its ongoing investigation into a large-scale financial fraud involving a collective investment scheme operated by PACL Ltd. and its related entities.
The ED initiated the PMLA investigation 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. The FIR was filed pursuant to directions of the Hon’ble 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 role in running an illegal investment scheme.
As per the charge sheets, the accused entities and individuals 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 through cash down payments and instalment plans, and were made to sign misleading documents such as agreements, powers of attorney, and other instruments. In most cases, the land was never delivered, and approximately Rs 48,000 crore remains unpaid to investors.
The scheme 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 Hon’ble Supreme Court of India, through its order dated February 2, 2016, directed SEBI to constitute a committee under the chairmanship of former Chief Justice of India, Justice R. M. Lodha, to dispose of the land purchased by PACL and distribute the sale proceeds among investors.
However, further investigation revealed continued illegal dissipation of PACL assets, leading to the registration of three additional FIRs by the Punjab Vigilance Bureau, Jawahar Circle Police Station (Jaipur), and Attibele Police Station (Bengaluru) for illegal sale, encroachment, and misuse of land acquired using investors’ 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 off and dispose of the proceeds of crime.
The ED recorded an ECIR in 2016 and filed a prosecution complaint in 2018, followed by four supplementary prosecution complaints in 2022, 2025, and 2026 against various accused persons and entities involved in laundering the proceeds of crime. The Hon’ble Special Court (PMLA) has taken cognisance of all prosecution complaints filed so far.
The 126 attached properties have been identified as assets acquired using investors’ funds, thereby constituting proceeds of crime. With this latest action, the ED has so far attached movable and immovable properties worth approximately Rs 22,656.91 crore, including assets located in India and abroad, belonging to PACL and its related entities/persons.
Further investigation into the matter is ongoing.
