New Delhi, March 31: The Enforcement Directorate (ED) has made significant progress in the PACL case, with a special court ordering the return of 455 properties to the Justice Lodha Committee. These properties have an estimated market value of approximately ₹15,582 crores.
This action by the ED falls under the Prevention of Money Laundering Act (PMLA), 2002, aimed at refunding investors their money.
In the current financial year, the ED has seized properties worth nearly ₹26,324 crores, bringing the total attachment in the PACL case to ₹27,030 crores, which includes properties both in India and abroad, including Australia.
The case originated from a First Information Report filed by the CBI against PACL Limited and its promoters for defrauding millions of investors. According to the charge sheet filed by the CBI, PACL Limited and PGF 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 designed with cash down payments and installment-based plans, misleading investors with documents such as agreements and special powers of attorney. In many instances, registration/allotment letters were issued without proper land ownership, leading to widespread fraud. Approximately ₹48,000 crores are still owed to investors.
The Supreme Court directed the formation of a committee under the chairmanship of retired Chief Justice R.M. Lodha on February 2, 2016, to oversee the liquidation of PACL’s assets and ensure that the proceeds are used to refund investors.
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. The 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. These funds were later utilized 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 (PMLA), which has 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 Harjitinder Pal Singh Hair (son-in-law of the late Nirmal Singh Bhangoo) and issued non-bailable warrants against Barinder Kaur (daughter) and Prem Kaur (wife).
Further investigations are ongoing to trace additional proceeds of crime and identify other beneficiaries.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
