ED Seizes Over Rs 5,000 Crore Properties in PACL Ponzi Case

The Enforcement Directorate has seized properties worth over Rs 5,000 crore in Punjab and Delhi, linked to PACL's Rs 48,000 crore ponzi scheme. Stemming from a 2014 CBI case, the illegal scheme defrauded investors under the guise of land development, leaving Rs 48,000 crore unpaid.

The Enforcement Directorate (ED) has seized an additional Rs 5,000 crore in properties as part of its ongoing investigation into the PACL ponzi scheme. The fresh seizure brings the total attached assets to Rs 22,656.91 crore.

Situated across Punjab and Delhi, the properties were provisionally attached under the Prevention of Money Laundering Act (PMLA). The PACL ponzi scheme, involving the illicit mobilization of over Rs 60,000 crore from investors, has seen no land delivered, leaving Rs 48,000 crore unpaid.

The ED's probe originated from a 2014 CBI case sanctioned by the Supreme Court against PACL and its late promoter Nirmal Singh Bhangoo. Five chargesheets have been filed to date, addressing the fraudulent investment schemes.

(With inputs from agencies.)