ED Seizes Rs 3436 Crore Worth of PACL Properties in Major Fraud Probe

The Enforcement Directorate has attached properties worth Rs 3436.56 crore in Ludhiana, Punjab, linked to the PACL investment fraud case. The probe reveals that funds from investors were used to acquire these properties. The action falls under the Prevention of Money Laundering Act.

The Enforcement Directorate (ED) has intensified its probe into the PACL fraud case by attaching 169 immovable properties valued at Rs 3436.56 crore in Ludhiana, Punjab. This action stems from a broader investigation into how PACL mobilized investors' funds for property acquisition.

According to the agency's statement on Thursday, these attachments are pursuant to the Prevention of Money Laundering Act (PMLA), 2002. The Delhi zonal office of the ED took action based on a First Information Report by the Central Bureau of Investigation, which cites Sections 120-B and 420 of the Indian Penal Code.

The investigation reveals a fraudulent scheme by PACL and its associates, raising around Rs 48,000 crore through deceitful investment promises. To date, the ED has attached properties worth Rs 5,602 crore, including domestic and international assets, with prosecution complaints filed accordingly.

(With inputs from agencies.)