PACL money laundering case: ED attaches properties worth over Rs 10K cr across Mohali, Ropar

Mohali: The Directorate of Enforcement (ED), Delhi Zonal Office, has provisionally attached 247 immovable properties worth Rs 10,021.46 crore located in Mohali, Zirakpur and Ropar under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.The action is part of the ED's ongoing probe into a large-scale financial fraud linked to a collective investment scheme operated by the PACL Ltd and its related entities.
The ED initiated the probe on the basis of an FIR dated Feb 19, 2014, registered by the Central Bureau of Investigation under Sections 120-B and 420 of the Indian Penal Code. The FIR was lodged pursuant to directions issued by the Supreme Court of India. Subsequently, the CBI filed a chargesheet and a supplementary chargesheet against 33 accused, including individuals and companies, for allegedly running an illegal investment scheme.As per the chargesheets, the accused entities fraudulently mobilised over Rs 48,000 crore from lakhs of investors across the country under the pretext of sale and development of agricultural land.Investors were allegedly induced to invest through cash down payment and instalment schemes and were made to sign misleading agreements, powers of attorney and related documents. In most cases, the promised land was never delivered, and around Rs 48,000 crore remains unpaid to investors.Following the FIR, the Supreme Court, through its order dated Feb 2, 2016, directed SEBI (Securities and Exchange Board of India) to constitute a committee under the chairmanship of former Chief Justice of India R M Lodha to oversee disposal of the PACL's land assets and distribute sale proceeds to the investors. However, further investigations revealed continued illegal dissipation of assets, leading to additional FIRs by state agencies in Punjab, Rajasthan and Karnataka.The ED registered an ECIR (Enforcement Case Information Report) in 2016 and filed a prosecution complaint in 2018, followed by three supplementary complaints in 2022, 2025 and 2026. The Special Court (PMLA) has taken cognisance of these complaints.With the latest action, the ED has so far attached properties worth approximately Rs 17,610 crore in India and abroad in the case. Further investigation is underway.MSID:: 128510287 413 |