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Time of India
13-07-2025
- Business
- Time of India
ED attaches assets worth over ₹762 crore in PACL case
NEW DELHI: Assets worth more than Rs 762 crore of PACL (the Pearls Group ) and its promoters have been attached under the anti-money laundering law in a case linked to an alleged Rs 48,000 crore Ponzi scheme, in which numerous investors were duped, the Enforcement Directorate (ED) said on Saturday. A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the 68 immovable properties located across Punjab, Haryana, Delhi, Maharashtra, and in Australia, the central probe agency said in a statement. The money-laundering probe of 2015 stems from a Central Bureau of Investigation (CBI) FIR against Pearl Agrotech Corporation Limited (PACL), PGF Limited, its main promoter, late Nirmal Singh Bhangoo, and others for operating "fraudulent" investment schemes to deceive investors. Through these schemes, PACL and its directors "defrauded" the investors of about Rs 48,000 crore, the ED said. "The funds fraudulently collected from lakhs of gullible investors were systematically diverted and layered through multiple transactions to conceal their illicit origin," the agency added. The attached assets are in the name of Bhangoo, his family members and entities related to PACL, it said. The total value of these properties is Rs 762.47 crore, the ED said. Bhangoo died in August last year.
The Print
12-07-2025
- Business
- The Print
ED attaches assets worth over Rs 762 crore in PACL case
The money-laundering probe of 2015 stems from a Central Bureau of Investigation (CBI) FIR against Pearl Agrotech Corporation Limited (PACL), PGF Limited, its main promoter, late Nirmal Singh Bhangoo, and others for operating 'fraudulent' investment schemes to deceive investors. A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the 68 immovable properties located across Punjab, Haryana, Delhi, Maharashtra, and in Australia, the central probe agency said in a statement. New Delhi, Jul 12 (PTI) Assets worth more than Rs 762 crore of PACL (the Pearls Group) and its promoters have been attached under the anti-money laundering law in a case linked to an alleged Rs 48,000 crore Ponzi scheme, in which numerous investors were duped, the Enforcement Directorate (ED) said on Saturday. Through these schemes, PACL and its directors 'defrauded' the investors of about Rs 48,000 crore, the ED said. 'The funds fraudulently collected from lakhs of gullible investors were systematically diverted and layered through multiple transactions to conceal their illicit origin,' the agency added. The attached assets are in the name of Bhangoo, his family members and entities related to PACL, it said. The total value of these properties is Rs 762.47 crore, the ED said. Bhangoo died in August last year. PTI NES RC This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
12-07-2025
- Business
- Mint
ED seizes ₹762 crore in properties linked to PACL's massive investor scam
India's Enforcement Directorate (ED) has attached 68 high-value properties worth ₹ 762 crore in Punjab, Haryana, Delhi, Maharashtra, and Australia. These assets were bought with money stolen from 5.8 crore investors in one of India's biggest frauds: The PACL scam. Directors of Pearl Agro Corporation Limited (PACL) tricked people for 18 years by promising plots of land or high returns. Instead, they collected ₹ 48,000 crore through illegal investment schemes banned by SEBI. The ED's action follows a CBI case against PACL, its sister company PGF Limited, and late founder Nirmal Singh Bhangoo for cheating investors nationwide. The latest press release by the ED on the investigation reads, "Directorate of Enforcement (ED), Delhi Zonal Office has provisionally attached immovable properties valued at Rs. 762.47 Crore (approx) situated across Punjab, Haryana, Delhi, Maharashtra, and Australia in connection with an ongoing investigation involving M/s PACL Ltd., its Directors, promoters, and associated entities, conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. ED initiated an investigation on the basis of the FIR registered by the Central Bureau of Investigation." PACL directors secretly moved investors' money through shell companies in Kolkata, pretending it was for "land development." Cash was then handed to Bhangoo's associates in Delhi, sent via hawala (illegal channels) to Dubai, and finally used to buy foreign properties. Recent raids across 9 states uncovered documents proving this laundering chain. Key accused like Bhangoo's son-in-law Harsatinder Pal Hayer bought luxury properties in Mumbai, Punjab, and Australia with the stolen funds. Hayer, arrested in March 2025, faces new charges for hiding these assets as "clean" despite knowing they were bought with fraud money.
Mint
12-07-2025
- Business
- Mint
ED seizes ₹762 crore in properties linked to PACL's massive investor scam
India's Enforcement Directorate (ED) has attached 68 high-value properties worth ₹ 762 crore in Punjab, Haryana, Delhi, Maharashtra, and Australia. These assets were bought with money stolen from 5.8 crore investors in one of India's biggest frauds: The PACL scam. Directors of Pearl Agro Corporation Limited (PACL) tricked people for 18 years by promising plots of land or high returns. Instead, they collected ₹ 48,000 crore through illegal investment schemes banned by SEBI. The ED's action follows a CBI case against PACL, its sister company PGF Limited, and late founder Nirmal Singh Bhangoo for cheating investors nationwide. The latest press release by the ED on the investigation reads, "Directorate of Enforcement (ED), Delhi Zonal Office has provisionally attached immovable properties valued at Rs. 762.47 Crore (approx) situated across Punjab, Haryana, Delhi, Maharashtra, and Australia in connection with an ongoing investigation involving M/s PACL Ltd., its Directors, promoters, and associated entities, conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. ED initiated an investigation on the basis of the FIR registered by the Central Bureau of Investigation." PACL directors secretly moved investors' money through shell companies in Kolkata, pretending it was for "land development." Cash was then handed to Bhangoo's associates in Delhi, sent via hawala (illegal channels) to Dubai, and finally used to buy foreign properties. Recent raids across 9 states uncovered documents proving this laundering chain. Key accused like Bhangoo's son-in-law Harsatinder Pal Hayer bought luxury properties in Mumbai, Punjab, and Australia with the stolen funds. Hayer, arrested in March 2025, faces new charges for hiding these assets as "clean" despite knowing they were bought with fraud money. While PACL's main promoter Bhangoo died in 2024, the ED continues hunting stolen money globally. Attached properties, like two Australian assets worth ₹ 462 crore seized earlier, are now with the Supreme Court's Justice Lodha Committee. This team will sell them to refund cheated investors. Over 11 crore claim pages are being verified, but repayments are slow. The ED has filed three legal complaints so far and vows more action against 11 entities involved. As investigators trace deeper links to Dubai and Australia, lakhs of poor investors hope to recover their life savings.
Time of India
30-06-2025
- Business
- Time of India
Delhi court summons Harsatinder Pal Singh Hayer in Rs 48,000 cr Ponzi case
New Delhi: A Delhi court has summoned Harsatinder Pal Singh Hayer, son-in-law of the late Pearls Group chairperson Nirmal Singh Bhangoo, in connection with a money laundering probe linked to an alleged Rs 48,000 crore Ponzi scheme that defrauded numerous investors. Bhangoo passed away in Aug 2024. Special Judge Jagdish Kumar ordered Hayer to appear before the court on July 18, 2025. "I have carefully examined the documents and witness statements. Prima facie, there is sufficient material on record against Harsatinder Pal Singh Hayer and MBD Housing Complex Private Limited for the offence of money laundering. Let them be summoned for July 18, 2025," the judge stated. Hayer was arrested by the Enforcement Directorate (ED) in March and is currently in judicial custody. On June 9, the court found prima facie evidence against him. The ongoing money laundering investigation, dating back to 2015, stems from a CBI FIR against Pearls Agrotech Corporation Limited ( PACL ), PGF Limited, Bhangoo, and others for running fraudulent investment schemes to deceive investors. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi The chargesheet alleges that PACL and its directors defrauded investors of approximately Rs 48,000 crore through these schemes. Hayer was a director in several PACL associate companies, including two Australian entities—Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd—according to the ED. The ED further alleged that PACL and its associates diverted Rs 657.18 crore of "proceeds of crime" to these Australian companies controlled by Hayer. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Forget Furosemide, Use This Household Item To Help Drain Edema Fluid WellnessGuide Learn more Undo These funds were then invested by the Australian entities in various real estate properties. Hayer is also accused of dissipating PACL's and its related entities' properties in violation of a Supreme Court order dated July 25, 2016. The ED has attached assets worth Rs 706 crore, including two immovable properties in Australia valued at Rs 462 crore, and has filed two chargesheets against PACL, Bhangoo, and others.
