5 months ago
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The Enforcement Directorate has provisionally attached 169 immovable properties, presently valued astir ₹3,436.56 crore, successful transportation with a lawsuit alleging misappropriation of ₹48,000 crore by PACL Limited and others.
The properties attached nether the Prevention of Money Laundering Act are located successful Punjab’s Ludhiana.
The ED probe is based connected a First Information Report registered by the Central Bureau of Investigation against PACL Ltd., PGF Ltd., the radical main Nirmal Singh Bhangoo (who died successful August 2024) and others, alleging their engagement successful floating fraudulent corporate concern schemes, done which the institution and its associates deceitfully raised and misappropriated astir ₹48,000 crore from investors.
“The ED probe revealed that immoderate portion of the funds mobilised from lakhs of investors were utilised for the acquisition of these 169 immovable properties, presently valued at₹3,436.56 crore, successful the sanction of PACL,” said the agency.
To date, successful this case, the ED has attached movable and immovable properties amounting to astir ₹5,602 crore, which includes assets located successful India and abroad. The bureau has besides filed 1 main and 2 supplementary prosecution complaints.
