ED Attaches Assets Worth Over ₹22,000 Crore in PACL Case, Marks Biggest Seizure Yet
Fresh property freeze in Punjab and Delhi pushes total seizures to highest-ever level in a single probe
India, March 21: The Enforcement Directorate has carried out its largest ever asset attachment in a single investigation, crossing ₹22,000 crore, in its ongoing money laundering probe linked to PACL (Pearls Group), accused of running a massive ponzi scheme.
In its latest action, the agency provisionally attached 126 immovable properties located in Punjab and Delhi, valued at ₹5,046.91 crore, under the provisions of the Prevention of Money Laundering Act (PMLA).
With this development, the cumulative value of assets attached in the case has reached ₹22,656.91 crore. These include properties in India and abroad linked to PACL, its associated entities, and individuals under investigation.
Officials described the move as a significant milestone in the enforcement of anti-money laundering laws, marking the highest value of attachments recorded in a single case by the agency.
The investigation traces back to a 2014 CBI case registered against PACL Ltd, its late promoter Nirmal Singh Bhangoo, and others, following directions from the Supreme Court. The ED initiated its probe in 2016 based on the same case.
According to the agency, PACL allegedly ran an unauthorised investment scheme, collecting vast sums from investors across the country by promising returns linked to agricultural land development. Investors were reportedly persuaded through instalment plans and documentation that misrepresented the nature of the investment.
Authorities claim that in most instances, the promised land parcels were never handed over, leaving a large portion of investor funds unpaid. The ED has so far filed multiple prosecution complaints as part of the case.
