The Enforcement Directorate has seized 68 high-value properties worth ₹762 crore in Punjab, Haryana, Delhi, Maharashtra and Australia as part of its investigation into the massive PACL scam. This case is linked to one of India’s biggest investor frauds, where 5.8 crore people were duped of nearly ₹48,000 crore.
PACL, also known as Pearl Agro Corporation Limited, lured investors for over 18 years by promising plots of land or high returns. These schemes were illegal and banned by the market regulator SEBI. The ED’s action follows a case registered by the Central Bureau of Investigation against PACL, its sister company PGF Limited, and its late founder Nirmal Singh Bhangoo.
According to the ED, “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.”
Investigators revealed that PACL’s directors routed investor money through shell companies in Kolkata under the false label of land development. The funds were later moved to Dubai using hawala channels and used to buy assets abroad.
Raids in nine states led to key evidence exposing the money trail. One of the main accused, Harsatinder Pal Hayer, Bhangoo’s son-in-law, bought luxury properties in Mumbai, Punjab and Australia using the scam funds. He was arrested in March 2025 and now faces more charges for knowingly holding assets acquired through fraud.
Though Nirmal Singh Bhangoo passed away in 2024, the ED continues tracking funds across countries. Two major Australian properties worth ₹462 crore had already been seized and handed over to the Supreme Court-appointed Justice Lodha Committee. The panel is working to liquidate assets and return money to investors. Over 11 crore claims are under verification, but the refund process remains slow.
So far, the ED has filed three legal complaints and is pursuing further action against 11 linked entities. The case is still unfolding as authorities investigate deeper connections in Dubai and Australia.
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