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New Delhi: The Enforcement Directorate (ED) has carried out its largest-ever asset attachment in a single case, freezing properties worth over ₹22,000 crore in connection with its money laundering probe against Chandigarh-based PACL Ltd (Pearls Group), accused of running a massive Ponzi scheme.
In its latest action, the ED provisionally attached 126 immovable properties located in Punjab and Delhi, valued at ₹5,046.91 crore, under the Prevention of Money Laundering Act (PMLA).
With this, the total value of assets attached in the case has reached ₹22,656.91 crore, including properties in India and abroad linked to PACL, its entities and associated individuals. Officials described the move as a “major milestone” in the agency’s anti-money laundering efforts.
Probe Originates from CBI Case
The ED investigation, initiated in 2016, stems from a 2014 FIR registered by the Central Bureau of Investigation against PACL, its promoter Nirmal Singh Bhangoo, and others, following directions from the Supreme Court of India. Bhangoo passed away in August 2024.
Alleged ₹48,000-Crore Fraud
According to the ED, PACL and its associates operated an illegal collective investment scheme, allegedly mobilising over ₹60,000 crore from investors across the country under the pretext of selling and developing agricultural land.
Investors were induced through cash payments and instalment plans, and were made to sign misleading documents, including agreements and powers of attorney.
“In the majority of cases, no land was ever delivered, and approximately ₹48,000 crore remains unpaid to investors,” the agency said.
Chargesheets Filed
The ED has so far filed five prosecution complaints (chargesheets) in the case as part of its ongoing investigation. Officials said further action is expected as the agency continues to trace assets, identify beneficiaries and pursue recovery of funds for affected investors.
