Enforcement Directorate Seizes Assets in Rs 48,000 Crore Ponzi Scheme Case

The Enforcement Directorate has attached assets worth over Rs 762 crore linked to PACL and its promoters under anti-money laundering laws. This move is part of an investigation into an alleged Rs 48,000 crore Ponzi scheme. The properties span across India and Australia, involving Nirmal Singh Bhangoo.

The Enforcement Directorate (ED) has taken action against PACL (the Pearls Group) and its promoters by attaching assets exceeding Rs 762 crore. This is linked to a massive Rs 48,000 crore Ponzi scheme, where a large number of investors were allegedly duped. The ED made this announcement on Saturday.

According to the central probe agency, a provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach 68 immovable properties. These are spread across various states including Punjab, Haryana, Delhi, Maharashtra, and even internationally in Australia.

The 2015 money-laundering investigation originated from a Central Bureau of Investigation (CBI) FIR against entities such as Pearl Agrotech Corporation Limited (PACL), PGF Limited, and their chief promoter, the late Nirmal Singh Bhangoo. The case involved the operation of 'fraudulent' investment schemes designed to cheat investors. The ED reported that funds collected from numerous unsuspecting investors were laundered through a series of transactions to obscure their illegal roots.

(With inputs from agencies.)