The Enforcement Directorate (ED) has taken significant action against the PACL Group by provisionally attaching 37 immovable properties valued at ₹1986.48 crore located in Ludhiana and Jaipur. This move is part of the ongoing investigation into the large-scale financial fraud involving collective investment schemes operated by Pearls Agrotech Corporation Limited (PACL) and its associated entities.
The ED has been probing this case for an extended period. The investigation revealed that under the pretext of selling agricultural land and development projects, the group defrauded millions of investors across the country of more than ₹60,000 crore. The Central Bureau of Investigation (CBI), New Delhi, registered the case in 2014. To date, around ₹48,000 crore remains unpaid to the investors.
According to an ED statement issued on Monday, the CBI’s probe established that PACL ran the collective investment scheme in violation of legal regulations. Investors were lured through cash down payments and installment plans. They were made to sign misleading documents such as agreements and power of attorney forms.
The investigation further uncovered that in most cases, investors were not allotted any land. To conceal the fraud, several front entities and reverse sale transactions were used. The funds collected from ordinary investors were circulated through various related and unrelated entities and eventually deposited into bank accounts of Nirmal Singh Bhangu, his family members, associates, and PACL-linked firms. These funds were later used to purchase immovable properties in their names.
During the investigation, it was also revealed that open-ended non-bailable warrants have been issued against the late Nirmal Singh Bhangu’s wife Prem Kaur, daughters Barinder Kaur and Sukhvinder Kaur, son-in-law Gurpratap Singh, and associate Prateek Kumar.
The ED had registered a criminal case under the Prevention of Money Laundering Act (PMLA) in 2016 and filed a prosecution complaint in 2018. Subsequently, two supplementary prosecution complaints were filed in 2022 and 2023 against accused individuals and entities involved in money laundering. The Special Court (PACL) has taken cognizance of all prosecution complaints filed so far.
According to the ED, immovable and movable properties worth approximately ₹7,589 crore have already been attached, including assets located in India and abroad. The newly attached 37 immovable properties were acquired through investors’ funds. The investigation is ongoing.
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.
