ED’s biggest single-case attachment: Rs 22,000 cr assets frozen in PACL ponzi case

In its largest-ever single case attachment, the Enforcement Directorate (ED) has frozen properties worth Rs 22,000 crore in a money laundering case against Chandigarh-based PACL (Pearls Group). The 126 immovable properties are located in Punjab and Delhi.

PACL is accused of orchestrating a Rs 48,000 crore ponzi scheme.

The federal agency said it has issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) for these properties, valued at Rs 5,046.91 crore. With this, the total value of assets attached so far in the case has reached Rs 22,656.91 crore, including properties in India and abroad linked to PACL and its associates.

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This is the highest attachment in a single case and a major milestone for ED as part of the anti-money laundering regime, agency officials said.

PACL scam probe

The ED probe, initiated in 2016, stems from a CBI case registered in 2014 against PACL Ltd, its late promoter Nirmal Singh Bhangoo, who died in August 2024, and other individuals, following directions from the Supreme Court.

The accused entities and individuals of PACL operated an "illegal" collective investment scheme, fraudulently mobilising more than Rs 60,000 crore from lakhs of investors across India under the guise of sale and development of agricultural land, according to the ED.

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Investors were induced to invest through cash down payment and instalment payment plans and were made to sign "misleading" documents, including agreements, powers of attorney, and other instruments, it said.

"In the majority of cases, no land was ever delivered, and approximately Rs 48,000 crore remains unpaid to investors," the agency stated.