ED Cracks Down on Alleged Rs 48,000 Crore Ponzi Scheme

The Enforcement Directorate has conducted a series of searches related to an alleged Rs 48,000 crore Ponzi scheme involving PACL. Properties linked to the late promoter Nirmal Singh Bhangoo's daughter, Barinder Kaur, and close associates were raided. This is part of an ongoing investigation stemming from a 2015 case.

The Enforcement Directorate (ED) has escalated its investigation into a controversial Rs 48,000 crore Ponzi scheme by raiding locations tied to the late PACL promoter Nirmal Singh Bhangoo's daughter, Barinder Kaur, among others.

The operation, conducted on March 23, targeted three premises in Gurugram, including those linked to Kaur, her husband Harsatinder Pal Singh Hayer, and their associate, Manoj Kumar. The ED reported seizing significant evidence, including digital records and property documents tied to PACL.

This investigation, related to a 2015 CBI FIR, accuses PACL and its directors of defrauding investors through deceptive schemes. Assets worth Rs 706 crore, including properties in Australia, have been attached by the ED, and two chargesheets have been filed against the involved parties.

(With inputs from agencies.)