ED Attaches ₹1,986.48 Crore Worth Properties in PACL Money Laundering Case

Background of the Case

The Directorate of Enforcement (ED), Delhi Zonal Office-II, has provisionally attached 37 immovable properties valued at approximately ₹1,986.48 crore under the Prevention of Money Laundering Act, 2002 (PMLA) in connection with a large-scale financial fraud involving a collective investment scheme operated by M/s PACL Ltd. and its related entities. The attached properties are located in Ludhiana, Punjab, and Jaipur, Rajasthan. The investigation arises from FIR No. RCBD1/2014/E/0004 dated February 19, 2014, registered by the Central Bureau of Investigation (CBI), New Delhi, under Sections 120-B and 420 of the Indian Penal Code, 1860. The case relates to an alleged illegal collective investment scheme through which PACL and associated entities fraudulently mobilised funds from investors across the country.

Findings of the ED Investigation

According to the ED, the accused entities induced lakhs of investors to invest more than ₹60,000 crore under the guise of sale and development of agricultural land through cash down payment and instalment plans. Investors were allegedly made to sign misleading documents, including agreements and powers of attorney, while in most cases no land was ever delivered. Approximately ₹48,000 crore remains unpaid to investors.

The investigation revealed that investor funds were routed through a network of front entities and reverse sale transactions before being credited to bank accounts of Late Shri Nirmal Singh Bhangoo, his family members, associates, and PACL-related entities. These funds were subsequently used to acquire high-value immovable properties.

The ED has recorded an ECIR in 2016, filed a Prosecution Complaint in 2018, and submitted supplementary complaints in 2022 and 2025, all of which have been taken cognisance of by the Special Court (PMLA). With the present attachment, the total value of assets attached in the case has reached approximately ₹7,589 crore. Further investigation is ongoing.