2 months ago
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The Enforcement Directorate has facilitated restitution of 455 immovable properties presently valued astatine astir ₹15,582 crore to the Justice Lodha Committee, pursuing a special tribunal directive successful the PACL case. The determination is aimed astatine returning the funds invested by lakhs of victims successful an alleged fraudulent strategy operated by the group.
During the existent fiscal year, the bureau has attached assets worthy astir ₹26,324 Crore, taking the full attachment successful the lawsuit truthful acold to ₹27,030 crore. They see properties located some successful India and Australia.
The attached assets are held successful the sanction of PACL Limited, its group/associate entities, and household members oregon associates of precocious Nirmal Singh Bhangoo (group head), including his woman Prem Kaur, girl Barinder Kaur, son-in-law Harsatinder Pal Singh Hayer, different girl Sukhwinder Kaur, and son-in-law Gurpartap Singh.
The ED probe is based connected a First Information Report registered by the Central Bureau of Investigation (CBI) against PACL Ltd. and its promoters. The accused persons had raised implicit ₹68,000 crore from investors crossed the state done a large-scale amerciable corporate concern scheme. About ₹48,000 crore remained unpaid to the investors.
“The strategy was structured done currency down payments and instalment-based plans, wherein investors were induced to execute misleading documents specified arsenic agreements, peculiar powers of attorney, and different instruments. In galore cases, registration/allotment letters were issued without ownership of underlying land, resulting successful large-scale fraud,” said the agency.
In February 2016, the Supreme Court had directed the Securities and Exchange Board of India to acceptable up a committee nether the chairmanship of erstwhile Chief Justice of India R.M. Lodha. The Court instructed that the onshore and assets of PACL beryllium disposed of and merchantability proceeds utilized for refund to investors. Accordingly, the Justice Lodha Committee was constituted to oversee the liquidation and restitution of specified assets.
The ED filed a prosecution ailment successful the lawsuit successful September 2018. Proceedings nether the Fugitive Economic Offenders Act person been initiated against Sukhwinder Kaur and Gurpartap Singh. The bureau arrested Harsatinder Pal Singh Hayer, portion non-bailable warrants person been issued by the tribunal against Barinder Kaur and Prem Kaur, it said.
