ED attaches assets worth ₹5,000cr in PACL ponzi case
The Enforcement Directorate (ED) has attached (provisionally) 126 immovable properties valued at ₹5,046.91 crore under the Prevention of Money Laundering Act (PMLA), 2002 in connection with PACL Ltd (PACL) in Punjab and Delhi.
PACL is accused of running a huge Ponzi scheme, promising land to lakhs of people, taking their money through misleading agreements, but never delivering any land.
Instead, the funds were hidden using fake companies and shady transactions.
Authorities have been tracking PACL's illegal land sales for years
This crackdown follows a 2014 CBI case that revealed PACL allegedly mobilized over ₹48,000 crore (reported estimates vary) from millions of investors over several years.
The group's promoter/MD was arrested in 2016; he died in August 2024.
Multiple police cases across India have accused PACL of illegal land sales and alleged diversion of investor funds to acquire immovable properties and other assets in the names of promoters, family members and associates.
So far, authorities have provisionally attached movable and immovable assets totalling about ₹22,656 crore.
The Supreme Court also stepped in back in 2016 to help refund cheated investors by selling off PACL's lands, a process still ongoing as officials work to bring justice for those affected.