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Ponzi Scam: ED attaches Pearls Group assets worth Rs 5,046 cr
Agency has so far attached property worth Rs 22,656 cr: 'highest in a single case'
The ED has attached Rs 5,046 crore worth of Pearls Group assets in the PACL ponzi scam. (File Photo)
The Enforcement Directorate (ED) on Friday claimed to have executed its highest attachment in a single case, worth over Rs 22,000 crore, with fresh freezing of properties in its money laundering investigation against Chandigarh-based PACL (Pearls Group), accused of orchestrating a Rs 48,000 crore ponzi scheme.
The federal agency said it has attached 126 immovable properties located in Punjab and Delhi. A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the assets valued at Rs 5,046.91 crore.
With this attachment, the agency has, so far, attached properties worth a total of Rs 22,656.91 crore, including assets located in India and abroad, belonging to PACL and its related entities and persons, it said. This is the highest attachment in a single case and a major milestone for ED as part of the anti-money laundering regime, agency officials said.
The ED probe stems from an FIR registered by the CBI in 2014 against PACL Ltd, its late promoter Nirmal Singh Bhangoo and other individuals. The CBI FIR came on the directions of the Supreme Court. Bhangoo died in August 2024.
“Charge-sheets filed by the CBI named 33 accused, including individuals and companies, for orchestrating an illegal collective investment scheme,” the ED said. The accused entities and individuals of PACL operated an “illegal” collective investment scheme, fraudulently mobilising more than Rs 60,000 crore from lakhs of investors across India under the guise of sale and development of agricultural land, according to the ED.
“Investors were lured with promises of agricultural land development through cash-down and installment plans, but most received nothing—signing misleading agreements, powers of attorney, and other documents instead,” ED spokesperson said.
“Searches conducted in these cases resulted in the seizure of incriminating materials, including blank sale deeds, signed cheque books, and identity documents, indicating systematic attempts to siphon and dispose of the proceeds of crime,” the spokesperson added.
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