The Delhi zonal team of ED took a major action while PACL Ltd. During the investigation against its directors, promoters and associated companies, property worth about Rs 762.47 crore has been attached. These properties are located in Punjab, Haryana, Delhi, Maharashtra and Australia.
PACL was a company that had collected money in the name of getting land from millions of people across the country in the name of Collective Investment Scheme, but actually a big chit fund scam came out.
Millions of investors were misled
In this case, CBI had earlier registered a case. CBI pacl ltd. PGF Limited, and promoter was registered against late Nirmal Singh Bhangu, in which crores of investors were misled and their money was grabbed. By making the CBI FIR the basis, ED started investigating the matter under PMLA.
Big disclosure in investigation
ED investigation revealed that the PACL company and its directors raised about Rs 48,000 crore from the people and used it for their personal benefit. This money was purchased by rotating in many layers and hiding through transactions, 68 properties from different names, whose current value is around Rs 762.47 crore.
Illegal money was to show legal property
The property was purchased in the name of Promoter Nirmal Singh Bhangu, his family members, and companies associated with PACL. The objective was to show these illegally raised money as a legal property, so that they could not be proved to be a processed of crime. ED officials say that investigation in this case is still going on and more revelations can be made in the coming days.
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