In a significant development for victims of the PACL (Pearl Agrotech Corporation Limited) case, a Special PMLA court has granted permission to the Enforcement Directorate (ED) to restore 282 immovable properties valued at Rs 9,420.57 crore and reimburse the funds to those affected by the ponzi scheme. The ED will transfer the seized properties to the Justice Lodha Committee for equitable distribution of the sale proceeds among the defrauded investors.
Under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, this measure aims to facilitate the repayment of funds to numerous unsuspecting investors. During the ongoing fiscal year, the ED has seized assets amounting to Rs 1,595.85 crore, bringing the total attachment in the PACL case to Rs 28,626 crore, as confirmed by the ED. These assets comprise properties situated in India and overseas, including Australia, registered under PACL Ltd., its affiliated entities, and family members of Late Shri Nirmal Singh Bhangoo.
The case stems from an FIR lodged by the Central Bureau of Investigation (CBI) against PACL and its promoters for deceiving a large number of investors. According to the chargesheet and supplementary chargesheet filed by the CBI, PGF and PACL, managed by Late Nirmal Singh Bhangoo and his associates, orchestrated an extensive illicit collective investment scheme, amassing over Rs 68,000 crore from investors nationwide. The fraudulent scheme involved cash payments and installment schemes, where investors were misled into signing deceptive documents, leading to a substantial outstanding sum of Rs 48,000 crore owed to the victims.
