Mumbai, October 8 (Daily Kiran) : The Enforcement Directorate (ED) has taken significant action in the ongoing PACL fraud case, seizing assets worth ₹567.45 crore. This seizure relates to the collective investment scheme operated by Pearls Agrotech Corporation Limited (PACL), which aimed at developing agricultural land. The ED’s operation targeted properties located in Mumbai, Pune, and Raigad, Maharashtra.
According to officials, the assets were confiscated under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The ED identified and seized 48 properties linked to individuals and companies, including Pratik Kumar and Ansh Pratik Kumar, with a total market value of ₹567.45 crore.
To date, the ED has seized assets totaling approximately ₹30,235.21 crore, encompassing both movable and immovable properties across India and abroad. The investigation by the ED was initiated based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) in New Delhi under Sections 120-B and 420 of the Indian Penal Code (IPC), which pertain to conspiracy and fraud.
The CBI has since filed a charge sheet against 33 individuals for their roles in running an illegal investment scheme that defrauded millions of investors across India. These investors were misled into investing over ₹48,000 crore under the guise of agricultural land sales and development.
Investors were encouraged to make cash down payments and installment payments, signing misleading documents such as agreements and powers of attorney. The ED reported that in many cases, the promised land was never delivered, leaving investors with outstanding claims totaling nearly ₹48,000 crore.
The ED registered an Enforcement Case Information Report (ECIR) in 2016 and subsequently filed a charge sheet in 2018, with additional supplementary charge sheets filed in 2022, 2025, and 2026 against various accused parties.
In the first supplementary charge sheet filed on August 20, 2022, Pratik Kumar was named as an accused. A special court acknowledged this on September 19, 2022. Following this, an open-ended non-bailable warrant was issued against him on April 9, 2025. Investigations revealed that the seized properties were purchased using funds diverted from PACL, which originally collected money from unsuspecting investors, making these assets proceeds of crime.
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