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Rs 646 Crore Assets Seized in Massive Scam Probe
1 Oct
Summary
- Enforcement Directorate attached 211 properties worth Rs 646 crore.
- The scam involves Pancard Clubs Limited and its alleged Ponzi schemes.
- Over 51 lakh investors were defrauded of Rs 4,387 crore.
The Enforcement Directorate (ED) has provisionally attached 211 immovable properties, valued at approximately Rs 646.58 crore, in its money laundering probe against Pancard Clubs Limited (PCL) and associated Panoramic Group entities. This latest seizure increases the total value of attached assets in the case to Rs 700.89 crore.
The ED's investigation, initiated following an FIR by Mumbai Police, revealed that the accused allegedly operated Ponzi schemes under the guise of holiday memberships. These schemes attracted over 51 lakh investors, promising unrealistic returns.
Between 1997-98 and 2017-18, PCL reportedly collected Rs 9,577 crore from investors. After returning Rs 2,858 crore to depositors and paying Rs 2,332 crore in commissions, the ED identified Rs 4,387 crore as proceeds of crime.
These funds were allegedly siphoned through shell companies and routed to associate entities, including Panoramic Universal Limited and its subsidiaries, for acquiring real estate and other assets. The ED also uncovered an attempt to sell a property despite earlier attachment orders, using forged documents.
Earlier, in 2025, the ED attached foreign properties worth Rs 54.31 crore. The ongoing investigation continues to pursue the remaining proceeds of crime.
