PACL Ponzi Scam: Massive Restitution of Rs 15,000 Crore in Justice Lodha Committee Initiative

The Enforcement Directorate announced the recovery of over Rs 15,000 crore in assets linked to the PACL Ponzi scam. This restitution, ordered by a special court, aims to compensate investors defrauded by PACL Ltd. The scam, led by the late Nirmal Singh Bhangoo, defrauded investors of approximately Rs 48,000 crore.

The Enforcement Directorate (ED) has made significant strides in the PACL Ponzi scam investigation, recovering assets valued at over Rs 15,000 crore, now returned to a Supreme Court-appointed committee. This move seeks to repay investors swindled by the Chandigarh-based PACL (Pearls Group) in a fraud estimated at Rs 48,000 crore.

A special Prevention of Money Laundering Act (PMLA) court ordered the restitution of 455 immovable properties, marking a crucial step toward refunding lakhs of investors. The special court's directive follows an ongoing probe by the ED since 2016, initiated by a CBI case against PACL Ltd and its late promoter, Nirmal Singh Bhangoo.

The ED is committed to continuing its investigation and recovering all fraudulent proceeds to return them to the rightful investors. The scam operated under the guise of selling and developing agricultural land, collecting more than Rs 60,000 crore from unsuspecting investors nationwide.