The directorate of enforcement (ED) has facilitated the restitution of 455 immovable properties worth around ₹15,582 crore to the justice RM Lodha committee in connection with the long-running PACL scam, marking a significant step towards refunding defrauded investors.
Officials say the move is aimed at enabling the return of funds to lakhs of investors who were duped by PACL Ltd through an alleged illegal collective investment scheme.
ED says that during the current financial year, it has attached properties worth around ₹26,324 crore in the PACL case, taking the total value of attached assets to about ₹27,030 crore. These include properties located in India as well as overseas jurisdictions, including Australia.
The attached assets are held in the names of PACL, its group entities and associates of its late promoter, Nirmal Singh Bhangoo, including his family members.
The case originates from first information report (FIR) registered by central bureau of investigation (CBI) against PACL and its promoters for allegedly defrauding investors.
According to investigation findings and charge-sheets filed by the CBI, PACL and PGF Ltd mobilised over ₹68,000 crore from investors across India through schemes that promised returns linked to land purchases.
However, in many instances, investors were issued allotment letters without actual ownership of the underlying land, resulting in large-scale fraud. Around ₹48,000 crore remains unpaid to investors.
The justice Lodha committee was constituted following a 2 February 2016 order of the Supreme Court in the Subrata Bhattacharya vs SEBI case. The court directed that PACL’s assets be liquidated and the proceeds used to refund investors.
The committee has since been overseeing the identification, disposal and restitution of assets linked to the scam.
ED initiated its probe under PMLA (Prevention of Money Laundering Act) in July 2016, based on the CBI case. Investigations revealed that proceeds of crime were diverted and layered through a network of interconnected entities controlled by the Bhangoo family and associates.
These funds were allegedly used to acquire properties in India and abroad in the names of companies, relatives and proxies.
The agency has filed a prosecution complaint in the case, which has been taken cognisance of by the special PMLA court.
ED has also arrested key accused, including Harsatinder Pal Singh Hayer, while non-bailable warrants have been issued against other family members, including Barinder Kaur and Prem Kaur.
Additionally, proceedings under the Fugitive Economic Offenders Act have been initiated against some accused.
ED says the restitution of properties worth ₹15,582 crore marks a major milestone in the recovery process and reaffirms its commitment to tracing and attaching remaining proceeds of crime.
Further investigation is underway to identify additional assets and beneficiaries linked to the PACL scam.
Last month, ED has provisionally attached 247 immovable properties valued at ₹10,021.46 crore in connection with its ongoing money laundering investigation into the PACL collective investment scheme.
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