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ED attaches assets worth Rs 1,986 crore from Ludhiana, Jaipur in PACL scam; total value of seizures nears Rs 7,600 crore

The ED’s probe into the PACL scam has allegedly found that investor funds were routed through shell entities and credited to accounts of the late Nirmal Singh Bhangoo, his family, and associates.

2 min readDelhiUpdated: Jan 27, 2026 03:36 AM IST

PACL allegedly lured investors with the promise of plots and high returns under fake real estate schemes, without being registered as a Non-Banking Financial Company, in violation of the RBI Act. (File photo)

The Enforcement Directorate (ED) has attached 37 immovable properties valued at Rs 1,986.48 crore in Ludhiana and Jaipur as part of its money laundering probe into the alleged massive fraud related to Pearls Agro-Tech Corporation Limited (PACL), an agency spokesperson said Monday.

“The attachment, made under the Prevention of Money Laundering Act (PMLA), 2002, targets assets linked to a collective investment scheme that allegedly swindled over Rs 60,000 crore from lakhs of investors nationwide. The scheme, run by M/s PACL Ltd and related entities, promised agricultural land development, but delivered little, leaving around Rs 48,000 crore unpaid,” the spokesperson said.

“With this seizure, the ED’s total attachments in the case – covering movable and immovable assets in India and abroad – now stand at approximately Rs 7,589 crore,” the spokesperson stated.

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PACL allegedly lured investors with the promise of land plots and high returns under fake real estate schemes, without being registered as a Non-Banking Financial Company (NBFC), in violation of the Reserve Bank of India (RBI) Act. Early investors were allegedly paid using funds from new investors, and agents earned hefty commissions and were encouraged to bring in family and friends.

The investigation stems from a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI). The ED registered an Enforcement Case Information Report (ECIR) in 2016, filed a prosecution complaint in 2018, and two supplements in 2022 and 2025. The special PMLA court has taken cognisance of all.

“The ED investigation has found that investor funds, collected via cash down payments and instalments, were routed through shell entities and credited to accounts of the late Nirmal Singh Bhangoo, his family, and associates,” the spokesperson said.

“These proceeds were used to buy the attached properties, now deemed proceeds of crime. Non-bailable warrants remain pending against (Bhangoo’s wife) Prem Kaur, daughters Barinder Kaur and Sukhwinder Kaur, son-in-law Gurpratap Singh, and associate Prateek Kumar,” the spokesperson added.

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