New Delhi, March 31: The Enforcement Directorate (ED) has made significant progress in the PACL case. A special court under the Prevention of Money Laundering Act (PMLA) has ordered the return of 455 properties to the Justice Lodha Committee. These properties have a market value of approximately ₹15,582 crores.
This action by the ED is in accordance with the rules of the Prevention of Money Laundering Act, 2002, aimed at returning funds to millions of investors.
In this financial year, the ED has seized properties worth around ₹26,324 crores. The total attachment in the PACL case has now reached ₹27,030 crores, which includes properties both in India and abroad, including Australia.
The case originated from an FIR filed by the Central Bureau of Investigation (CBI) against PACL Limited and its promoters for defrauding millions of investors. According to the charge sheet and supplementary charge sheet filed by the CBI, PGF Limited and PACL Limited, under the control of the late Nirmal Singh Bhangoo and his associates, raised over ₹68,000 crores from investors across India through illegal collective investment schemes.
These schemes were structured through cash down payments and installment-based plans, misleading investors with documents such as agreements, special powers of attorney, and other instruments. In many instances, registration/allotment letters were issued without ownership of the land, leading to widespread fraud. Approximately ₹48,000 crores are still owed to investors.
The Supreme Court directed the Securities and Exchange Board of India (SEBI) to form a committee led by retired Chief Justice R.M. Lodha on February 2, 2016. The court further instructed that the land and assets of PACL be sold, with the proceeds used to refund investors. Consequently, the Justice Lodha Committee was established to oversee the liquidation and restitution of these assets.
Based on the established charges, the ED registered an Enforcement Case Information Report (ECIR) on July 26, 2016, against the late Nirmal Singh Bhangoo, PACL Limited, PDF Limited, and others under the PMLA. The ED’s investigation revealed that the proceeds of crime were systematically laundered through a network of interconnected entities, many of which were owned or controlled by the Bhangoo family and their close associates. These funds were later used to purchase real estate in India and abroad under the names of companies, relatives, and proxies.
On September 10, 2018, the ED filed a prosecution complaint in the special court under the PMLA, which has since taken cognizance of the crime. Additionally, actions against fugitive economic offenders have been initiated against Sukvinder Kaur (daughter of the late Nirmal Singh Bhangoo) and Gurpartap Singh (son-in-law of the late Nirmal Singh Bhangoo).
The ED has arrested key accused, including Harsitinder Pal Singh Hair (son-in-law of the late Nirmal Singh Bhangoo). Non-bailable warrants have also been issued against Barinder Kaur (daughter) and Prem Kaur (wife).
Further investigations are ongoing to trace additional proceeds of crime and identify other beneficiaries.
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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