2 months ago
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The Enforcement Directorate (ED) has provisionally attached 126 immovable properties worthy astir ₹5,046.91 crore successful Delhi and Punjab successful a lawsuit alleging large-scale fraud involving a corporate concern strategy operated by PACL Limited and related entities.
With this action, the bureau has frankincense acold attached movable and immovable properties valued astatine astir ₹22,656.91 crore, including assets located some successful India and overseas successful this case.
The ED probe is based connected a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) connected February 19, 2014, pursuant to the Supreme Court’s directions. Subsequently, the CBI filed a chargesheet and a supplementary chargesheet against 33 accused, including individuals and companies.
As per the chargesheets, the accused entities and individuals operated a monolithic amerciable corporate concern scheme, fraudulently mobilising implicit ₹48,000 crore from lakhs of investors crossed India nether the pretext of selling and processing cultivation land
People were induced to put nether currency down outgo and instalment outgo plans and were made to motion misleading documents specified arsenic agreements, powers of attorney, and different instruments. In astir cases, onshore was ne'er delivered. Multiple beforehand entities and reverse merchantability transactions were utilized to conceal the fraud, arsenic alleged.
After the registration of the CBI case, the Supreme Court directed the Securities and Exchange Board of India connected February 2, 2016, to acceptable up a committee nether the chairmanship of erstwhile Chief Justice of India, Justice R. M. Lodha, to dispose of the onshore bought by PACL and administer the proceeds to the investors.
However, further probe revealed the continued amerciable dissipation of PACL assets. This led to the registration of 3 further cases by the Punjab Vigilance Bureau, Jawahar Circle constabulary presumption successful Jaipur, and Attibele constabulary presumption successful Bengaluru, the bureau said.
The ED filed a prosecution ailment successful 2018, followed by 4 supplementary complaints successful 2022, 2025, and earlier this year. A peculiar tribunal has taken cognisance of them.
