ED searches three sites connected to Pravin Raut, accused in PMC Bank fraud
At least two dozen ED offcials from Delhi and Mumbai are carrying out searches on these premises, linked to two alleged associates of Pravin Raut.
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While seeking his remand, the ED claimed before a special court that Pravin Raut made payments to a “politically exposed person” and is “acting as a front” or in collusion with some influential people.The Enforcement Directorate (ED) is searching three locations in Thane linked with alleged associates of Pravin Raut, an accused in the Punjab and Maharashtra Cooperative (PMC) Bank fraud. The fresh searches are in connection with Raut’s investments in PACL Ltd, the company that has defrauded over five crore investors across India with a Ponzi scheme, sources told The Indian Express.
At least two dozen ED offcials from Delhi and Mumbai are carrying out searches on these premises, linked to two alleged associates of Pravin Raut. The agency , sources said, has found that Pravin Raut through his associates holds a Rs 1,000 crore land in Raigad that was transferred by PACL after it went bust.
This land, sources said, is allegedly a benami asset of Pravin Raut. The information pertaining to this land cropped up during the questioning of Raut, who was arrested earlier this month by the ED in a case that pertains to alleged irregularities in the sale of FSI (floor space index) of a plot by a firm linked to him and is a subsidiary company of the Housing Development Infrastructure Ltd.
HDIL is accused of defrauding PMC Bank to the tune of Rs 4500 crore.
While seeking his remand, the ED claimed before a special court that Pravin Raut made payments to a “politically exposed person” and is “acting as a front” or in collusion with some influential people.
In 2015, the Securities and Exchange Board of India (Sebi) had directed PACL to refund Rs 49,100 crore to investors. PACL ran the biggest illegal money pooling scheme in the history of the country till its promoter Nirmal Singh Bhangoo was arrested by the CBI in January 2016 for alleged failure to refund over Rs 49100 crore collected from 5.85 crore investors over 15 years by offering investments linked to agricultural land and its development over a certain period of time.
The company, which has had several run ins with the judicial system and the regulator in the last 15 years over its business model illegally accepted deposits from public through 67 different CIS.
PACL is being investigated by several central agencies including ED for cheating and money laundering.
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