The Enforcement Directorate (ED) on Monday facilitated the transfer of 455 immovable properties worth about Rs 15,582 crore to the Justice RM Lodha Committee in the Pearls Agrotech Corporation Limited (PACL) financial fraud case. The agency carried out the transfer under the Prevention of Money Laundering Act (PMLA), 2002, to enable compensation for lakhs of investors affected by the alleged fraud. Attachments in the case have now reached Rs 27,030 crore.
The ED has attached properties located in India and overseas, including Australia, held in the names of PACL Ltd., its associate entities, and members of the family of late promoter Nirmal Singh Bhangoo. Of the total attachments worth Rs 27,030 crore, properties valued at Rs 26,324 crore were seized in the current financial year.
The case originates from a 2014 CBI FIR alleging that PACL and PGF Ltd. operated an illegal collective investment scheme, mobilising over Rs 68,000 crore from investors across India. Investigators stated the scheme relied on misleading agreements and land allotment documents, often without actual land ownership. The ED noted that nearly Rs 48,000 crore remains unpaid to investors.
In 2016, the Supreme Court in the Subrata Bhattacharya vs SEBI case directed the formation of a committee headed by former Chief Justice RM Lodha to oversee the sale of PACL assets and ensure refunds. The ED registered its money laundering case that year and filed a prosecution complaint before a special PMLA court in 2018.
Named individuals include Bhangoo's wife Prem Kaur, daughters Barinder Kaur and Sukhwinder Kaur, and sons-in-law Harsatinder Pal Singh Hayer and Gurpartap Singh. The ED has arrested Hayer, while non-bailable warrants are issued against Barinder Kaur and Prem Kaur. Proceedings under the Fugitive Economic Offenders Act have been initiated against Sukhwinder Kaur and Gurpartap Singh. The agency described the restitution as a significant step towards maximising recovery for investors.
