ED attached 37 immovable properties, located in Ludhiana (Punjab) and Jaipur (Rajasthan), under PMLA
FinTech BizNews Service
Mumbai, 26 January 2026: Directorate of Enforcement (ED), Delhi Zonal Office-II has provisionally attached 37 immovable properties valued at Rs. 1,986.48 crore, located in Ludhiana (Punjab) and Jaipur (Rajasthan), under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as per a press release issued by the ED today.
The attachment has been made in connection with an ongoing investigation into a large-scale financial fraud involving a collective investment scheme operated by M/s PACL Ltd. and its related entities. The investigation pertains to FIR No. RCBD1/2014/E/0004 dated 19.02.2014, registered by the Central Bureau of Investigation (CBI), New Delhi, under Sections 120- B and 420 of the Indian Penal Code, 1860.
Investigation has revealed that the accused entities and individuals 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. 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.
In the majority of cases, no land was ever delivered, and approximately Rs48,000 Crore remains unpaid to investors. The scheme involved the use of multiple front entities and reverse sale transactions to conceal the fraud and generate unlawful gains.
Further investigation established that the funds collected from unsuspecting investors were routed through various related and unrelated entities and were ultimately credited to the bank accounts of Late Shri Nirmal Singh Bhangoo, his family membersand associates, and related entities of M/s. PACL. These funds were subsequently utilised for the acquisition of immovable properties in their names.
