ED attaches 169 PACL Ltd properties valued at ₹3,436 cr; one of the agency's largest seizures
New Delhi: In one of its largest seizures, the Enforcement Directorate ( ED) has provisionally attached 169 immovable properties valued at ₹3,436 crore in connection with its ongoing probe into PACL Ltd and others, people familiar with the matter told ET.
Earlier this week, the agency attached properties belonging to PACL and related entities in Ludhiana under provisions of the Prevention of Money Laundering Act (PMLA).
The money-laundering investigation was initiated on the basis of a first information report registered by the CBI in February 2014 against PACL Ltd, PGF Ltd, late Nirmal Singh Bhangoo and others on charges of cheating and criminal conspiracy.
The case relates to alleged large-scale fraudulent collective investment schemes floated by PACL, through which about ₹48,000 crore was deceitfully mobilised from lakhs of investors. The amount has been classified as proceeds of crime under the PMLA.
Explaining the modus operandi, sources said PACL and PGF, under the control of Bhangoo and his close associates, ran illegal collective investment schemes in violation of applicable laws.
"More than ₹68,000 crore was fraudulently mobilised from investors across India under the guise of sale and development of agricultural land," an official said.
Investors were offered cash down payment and instalment plans and induced to sign misleading documents such as agreements, special powers of attorney and testamentary instruments, sources said. Registration and allotment letters were issued despite the companies not owning or controlling many of the plots claimed to have been allotted. In most cases, investors neither received possession of land nor legitimate returns.
"These fraudulent practices resulted in wrongful enrichment of promoters, directors and associates, while investors suffered large-scale losses. Around ₹48,000 crore remains outstanding and unpaid," the official said.
The ED has so far issued six provisional attachment orders under the PMLA, leading to the attachment of movable and immovable assets worth about ₹5,602 crore, including properties in India and abroad.
Investigators found that funds diverted by PACL were used to acquire assets in the names of Bhangoo's family members and close associates. The properties were identified, traced and attached as proceeds of crime.
To trace additional assets and evidence, the ED conducted multiple searches in 2025, resulting in the seizure of key documents, financial records and digital evidence that helped establish the money trail and link the properties to investor funds, sources said.
Earlier this week, the agency attached properties belonging to PACL and related entities in Ludhiana under provisions of the Prevention of Money Laundering Act (PMLA).
The money-laundering investigation was initiated on the basis of a first information report registered by the CBI in February 2014 against PACL Ltd, PGF Ltd, late Nirmal Singh Bhangoo and others on charges of cheating and criminal conspiracy.
The case relates to alleged large-scale fraudulent collective investment schemes floated by PACL, through which about ₹48,000 crore was deceitfully mobilised from lakhs of investors. The amount has been classified as proceeds of crime under the PMLA.
Explaining the modus operandi, sources said PACL and PGF, under the control of Bhangoo and his close associates, ran illegal collective investment schemes in violation of applicable laws.
"More than ₹68,000 crore was fraudulently mobilised from investors across India under the guise of sale and development of agricultural land," an official said.
Investors were offered cash down payment and instalment plans and induced to sign misleading documents such as agreements, special powers of attorney and testamentary instruments, sources said. Registration and allotment letters were issued despite the companies not owning or controlling many of the plots claimed to have been allotted. In most cases, investors neither received possession of land nor legitimate returns.
"These fraudulent practices resulted in wrongful enrichment of promoters, directors and associates, while investors suffered large-scale losses. Around ₹48,000 crore remains outstanding and unpaid," the official said.
The ED has so far issued six provisional attachment orders under the PMLA, leading to the attachment of movable and immovable assets worth about ₹5,602 crore, including properties in India and abroad.
Investigators found that funds diverted by PACL were used to acquire assets in the names of Bhangoo's family members and close associates. The properties were identified, traced and attached as proceeds of crime.
To trace additional assets and evidence, the ED conducted multiple searches in 2025, resulting in the seizure of key documents, financial records and digital evidence that helped establish the money trail and link the properties to investor funds, sources said.
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