New Delhi Dec 18 (UNI) The Enforcement Directorate (ED) on Thursday said that it has attached 169 immovable properties, currently valued at Rs. 3,436.56 crore, located in Ludhiana, Punjab, in connection with its ongoing probe into the PACL case and others.
The ED initiated the investigation based on an FIR registered by the Central Bureau of Investigation (CBI), BSFC, New Delhi, under Sections 120-B and 420 of the Indian Penal Code (IPC), 1860, against PACL Ltd., PGF Ltd., the late Nirmal Singh Bhangoo, and others.
The case pertains to massive fraudulent collective investment schemes floated by PACL, through which the company and its associates deceitfully raised and misappropriated around Rs. 48,000 Crore from unsuspecting investors, which constitutes the Proceeds of Crime (POC).
The ED investigation revealed that the part of the funds mobilized from lakhs of investors were utilized for the acquisition of these 169 immovable properties, currently valued at Rs. 3436.56 Crore, in the name of PACL.
“Till date, in this case ED has attached movable and immovable properties amounting to Rs. 5602 Crore (approx.), which includes both domestic properties located across India as well as foreign assets,” said the ED official.
The official added that one Prosecution Complaint and two Supplementary Prosecution Complaints have been filed in the case so far.
Further investigation is ongoing.
