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PACL Scam: Rs 5,046 Cr Assets Attached in Investment Fraud
20 Mar
Summary
- ED attached 126 properties worth Rs 5,046.91 crore in PACL investment fraud.
- PACL Ltd. allegedly defrauded investors of over Rs 48,000 crore.
- Supreme Court-monitored recovery efforts continue amid new attachments.
The Enforcement Directorate (ED) has attached 126 immovable properties worth Rs 5,046.91 crore, furthering its investigation into the PACL Ltd. investment fraud. These assets, situated across Punjab and Delhi, are provisionally attached under the Prevention of Money Laundering Act (PMLA), 2002.
The PACL Ltd. case originated from a 2014 CBI FIR, prompted by a Supreme Court directive. PACL and its associates are accused of operating an illegal collective investment scheme, duping investors nationwide. The company allegedly mobilized over Rs 48,000 crore from lakhs of investors with false promises of agricultural land purchase and development.
Investigations revealed that investors seldom received land, leaving approximately Rs 48,000 crore unreturned. Despite the Supreme Court's 2016 order for SEBI to manage PACL-acquired land for investor refunds, the ED's probe identified ongoing illegal liquidation and misuse of assets. This led to additional FIRs related to property encroachment and illegal sales.
To date, the total value of attached assets in the PACL case, including movable and immovable properties in India and abroad, stands at Rs 22,656.91 crore. The ED confirmed that these newly attached properties were acquired using investor funds, constituting proceeds of crime. The agency continues its investigation to trace further assets and identify all individuals involved in this large-scale fraud.
