Enforcement Directorate attaches Rs 1,595.85 crore properties in PACL case

The Enforcement Directorate has seized 14 immovable properties valued at Rs 1,595.85 crore belonging to Gian Sagar Educational and Charitable Trust in Punjab as part of its ongoing investigation into the PACL investment fraud case. These properties, situated in Ramnagar, Punjab, were attached under the Prevention of Money Laundering Act (PMLA), 2002. The case involves a large-scale investment fraud linked to a collective investment scheme operated by PACL Ltd and associated entities. The Enforcement Directorate stated that the 14 properties were purchased using investor funds considered proceeds of crime.

The investigation disclosed that land and infrastructure belonging to Gian Sagar Educational and Charitable Trust were financed through funds diverted from PACL, which were originally collected from investors. To date, the Enforcement Directorate has attached movable and immovable assets worth approximately Rs 28,626 crore, including assets located in India and abroad. The investigation commenced following a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI), pursuant to directions from the Supreme Court of India. The CBI filed charge-sheets and supplementary charge-sheets against 33 accused individuals and companies for their roles in operating an illegal investment scheme.

According to the CBI charge-sheets, the accused ran an extensive illegal collective investment scheme, fraudulently mobilising over Rs 48,000 crore from investors across India under the guise of selling and developing agricultural land. “Investors were induced to invest under cash down payment and instalment payment plans, and were made to sign misleading documents such as agreements, powers of attorney and other instruments. In most cases, land was never delivered, and approximately Rs 48,000 Crore remains unpaid to investors. The scheme involved the use of multiple front entities and reverse sale transactions to conceal the fraud and generate wrongful gains,” the Enforcement Directorate said in a statement. The Enforcement Directorate recorded an Enforcement Case Information Report (ECIR) in 2016 and filed a Prosecution Complaint in 2018, followed by six supplementary prosecution complaints between 2022 and 2026 against various accused persons and entities for money laundering offences.

The special PMLA court has taken cognisance of all prosecution complaints filed so far.