The Enforcement Directorate’s Delhi Zonal Office-II has provisionally attached 247 immovable properties valued at Rs 10,021.46 crore under the Prevention of Money Laundering Act (PMLA). These properties are linked to an alleged multi-crore fraud involving PACL Ltd and its associated entities. The attached properties, suspected to have been acquired through funds from an illegal investment scheme, are situated in SAS Nagar (Mohali), Rupnagar, and Zirakpur in Punjab.
The ED’s investigation originated from an FIR filed on February 19, 2014, by the CBI under Sections 120-B and 420 of the Indian Penal Code, following directions from the Supreme Court of India. Subsequently, the CBI charged 33 individuals and companies for running an illegal investment scheme, amassing over Rs 48,000 crore from investors nationwide under the pretext of selling agricultural land. Investors were enticed through various payment schemes but were not provided the promised land, with a significant portion of the funds remaining unpaid.
The fraudulent scheme involved multiple front entities and reverse sale transactions to mask the fraud and illicitly gain from it. Despite the Supreme Court’s directive in 2016 for SEBI to oversee the disposal of PACL’s land assets and distribute sale proceeds to investors, further investigations uncovered ongoing illegal dissipation of PACL’s assets. This led to the registration of three additional FIRs for alleged illegal sale, encroachment, and misuse of investor funds in various locations.
According to the ED, search operations in these cases yielded incriminating evidence like blank sale deeds and signed cheque books, indicating systematic efforts to siphon off and dispose of the proceeds of crime. The ED has filed multiple complaints against accused persons and entities, with the Special Court (PMLA) acknowledging all complaints. With the recent attachment of 247 properties, the ED has provisionally attached assets worth around Rs 17,610 crore, including properties in India and abroad. Investigations into the matter are ongoing.
