The Enforcement Directorate has seized 37 properties in Ludhiana and Jaipur, valued at Rs 1,986 crore, linked to a Rs 48,000 crore fraud involving Pearls Agrotech Corporation Ltd’s real estate investment scheme. These properties were acquired using funds from investors and are considered “proceeds of crime.” Including assets in India and abroad, the total value of firm’s attached assets now stands at about Rs 7,589 crore.
The accused entity and individuals behind the illegal investment scheme amassed over Rs 60,000 crore from numerous investors nationwide through deceptive land sale and development promises. Investors were enticed with cash and installment payment options, signing misleading documents like agreements and powers of attorney. A significant amount of Rs 48,000 crore remains unpaid to investors as no land was ever delivered under the scheme.
The Enforcement Directorate’s investigation into the PACL and its associates revealed a complex financial fraud involving routing investor funds through various entities to acquire immovable properties in the names of late Nirmal Singh Bhangoo, family members, associates, and related entities of M/s. PACL. This fraudulent scheme utilized multiple front entities and reverse sale transactions to conceal the fraud and generate illegal profits.
