New Delhi, The Enforcement Directorate has executed its highest attachment in a single case, worth over ₹22,000 crore, with fresh freezing of properties in its money laundering investigation against Chandigarh-based PACL , accused of orchestrating a ₹48,000 crore ponzi scheme.
These 126 immovable properties are located in Punjab and Delhi.
A provisional order has been issued under the Prevention of Money Laundering Act to attach these properties, the federal agency said in a statement issued on Friday. The value of these assets is ₹5,046.91 crore.
With this attachment, the agency has, so far, attached properties worth a total of ₹22,656.91 crore, including assets located in India and abroad, belonging to PACL and its related entities and persons, it said.
This is the highest attachment in a single case and a major milestone for ED as part of the anti-money laundering regime, agency officials said.
The ED probe of 2016 stems from a 2014 registered CBI case against PACL Ltd, its late promoter Nirmal Singh Bhangoo and other individuals. The CBI FIR came on the directions of the Supreme Court.
Bhangoo died in August 2024.
The accused entities and individuals of PACL operated an “illegal” collective investment scheme, fraudulently mobilising more than ₹60,000 crore from lakhs of investors across India under the guise of sale and development of agricultural land, according to the ED.
Investors were induced to invest through cash down payment and instalment payment plans and were made to sign “misleading” documents, including agreements, powers of attorney, and other instruments, it said.
“In the majority of cases, no land was ever delivered, and approximately ₹48,000 crore remains unpaid to investors,” the agency stated.
So far, five chargesheets have been filed by the ED as part of this case registered in 2016.
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