E-Paper
Panchkula: ED attaches assets worth ₹696-crore in PACL case
The ED’s investigation is based on an FIR filed by the Central Bureau of Investigation (CBI) on February 19, 2014, against M/s PACL Ltd., M/s PGF Ltd., the late Nirmal Singh Bhangoo, and others
The directorate of enforcement (ED) has provisionally attached immovable properties valued at ₹696.21 crore in Panchkula as part of its ongoing investigation into M/s PACL Limited and its associates under the Prevention of Money Laundering Act (PMLA).
The ED’s investigation is based on an FIR filed by the Central Bureau of Investigation (CBI) on February 19, 2014, against M/s PACL Ltd., M/s PGF Ltd., the late Nirmal Singh Bhangoo, and others. The FIR was registered under Sections 120-B and 420 of the Indian Penal Code (IPC).
The case involves a large-scale fraudulent collective investment scheme operated by PACL. Through this scheme, the company and its associates deceitfully raised and misappropriated approximately ₹48,000 crore from a large number of unsuspecting investors. This amount constitutes the proceeds of crime (PoC).
The ED’s probe revealed that the funds collected from millions of investors were “layered” and diverted through a series of complex transactions to hide their illegal origins. A portion of these illicit funds was used to acquire 11 immovable properties, valued at ₹696.21 crore. These properties were purchased under the names of various entities, including M/s DSS Megacity Pvt. Ltd., M/s Saramati Realtors Pvt. Ltd., M/s Saramati Techno Build Pvt. Ltd., M/s Shiv Megacity Project Pvt. Ltd., and M/s Roseco Builders Pvt. Ltd.
This “layering” was intentionally designed to make the assets appear legitimate, thereby attempting to disguise the proceeds of crime.
To date, the ED has attached movable and immovable properties worth approximately ₹2,165 crore in this case, including both domestic and foreign assets. Additionally, one chargesheet and two supplementary chargesheets have been filed.
