ED Seizes Rs 10,021 Crore in Properties in Major PACL Fraud Investigation
Mohali: In a significant crackdown on financial crime, the Directorate of Enforcement (ED), operating from its Delhi Zonal Office, has provisionally attached 247 immovable properties valued at Rs 10,021.46 crore. These properties are located in Mohali, Zirakpur, and Ropar, and the action has been taken under the stringent provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Background of the PACL Fraud Case
This enforcement move is a critical component of the ED's ongoing investigation into a massive financial fraud associated with a collective investment scheme run by PACL Ltd and its affiliated entities. The probe was initiated based on an FIR dated February 19, 2014, which was registered by the Central Bureau of Investigation (CBI) under Sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code. The FIR was filed following directives issued by the Supreme Court of India, highlighting the severity of the case.
Subsequently, the CBI submitted a chargesheet and a supplementary chargesheet targeting 33 accused, including individuals and corporate bodies, for allegedly orchestrating an illegal investment scheme. According to these legal documents, the accused entities deceitfully mobilized over Rs 48,000 crore from millions of investors nationwide. They lured people under the false pretense of selling and developing agricultural land, promising lucrative returns that never materialized.
Investor Exploitation and Legal Proceedings
Investors were reportedly enticed to participate through cash down payments and installment plans, and they were coerced into signing misleading agreements, powers of attorney, and other related documents. In the vast majority of instances, the promised land was never delivered, leaving approximately Rs 48,000 crore unpaid to the defrauded investors, causing widespread financial distress.
In response to the FIR, the Supreme Court, through its order dated February 2, 2016, directed the Securities and Exchange Board of India (SEBI) to establish a committee. This committee, chaired by former Chief Justice of India R M Lodha, was tasked with overseeing the disposal of PACL's land assets and ensuring the distribution of sale proceeds to the affected investors. However, further investigations uncovered ongoing illegal dissipation of assets, prompting additional FIRs by state agencies in Punjab, Rajasthan, and Karnataka.
ED's Role and Ongoing Efforts
The ED registered an Enforcement Case Information Report (ECIR) 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 cognizance of these complaints, underscoring the legal gravity of the case. With this latest provisional attachment, the ED has now attached properties worth approximately Rs 17,610 crore both within India and abroad in connection with this investigation.
Further investigation is currently underway, as authorities continue to pursue justice and recover assets for the victims of this extensive financial fraud.
