New Delhi: The Enforcement Directorate has provisionally attached 169 immovable properties valued at ₹3,436.56 crore in Ludhiana, Punjab, as part of its ongoing investigation into the PACL money laundering case.
According to the agency, its probe revealed that funds collected from lakhs of investors were diverted towards acquiring these properties in the name of PACL Ltd. The attachments were carried out by the ED’s Delhi zonal office under the provisions of the Prevention of Money Laundering Act, 2002.
The investigation is based on a First Information Report registered by the Central Bureau of Investigation under Sections 120-B and 420 of the Indian Penal Code against PACL Ltd., PGF Ltd., late Nirmal Singh Bhangoo and other accused persons. The case relates to alleged large-scale fraudulent collective investment schemes floated by PACL and its associates.
ED officials stated that the company is accused of deceiving investors and misappropriating nearly ₹48,000 crore, which has been identified as proceeds of crime under the money laundering law. The latest attachment significantly adds to the total value of assets seized in the case so far.
With this action, the total value of movable and immovable assets attached by the ED in the PACL case has reached ₹5,602 crore. These include properties located across various parts of India as well as assets held overseas.
The agency has also filed one prosecution complaint and two supplementary prosecution complaints before the competent court in connection with the case, as the investigation continues.
