The Enforcement Directorate has attached properties worth ₹696.21 crore in connection with the ₹48,000-crore PACL Limited case.

The ED’s probe under the Prevention of Money Laundering Act (PMLA) is based on a first information report registered by the Central Bureau of Investigation against PACL Ltd., PGF Ltd., the late Nirmal Singh Bhangoo, and others.

It was alleged that fraudulent collective investment schemes were floated by PACL, through which the company and its associates deceitfully raised and misappropriated around ₹48,000 crore from investors.

“A part of the tainted funds was utilised for the acquisition of 11 immovable properties, valued at ₹696.21 crore, in the names of entities such as DSS Megacity Pvt. Ltd., Saramati Realtors Pvt. Ltd., Saramati Techno Build Pvt. Ltd., Shiv Megacity Project Pvt. Ltd., and Roseco Builders Pvt. Ltd.,” said the agency.

Till date, the ED has attached movable and immovable properties amounting to about ₹2,165 crore, which includes both domestic properties located across India as well as foreign assets. A prosecution complaint and two supplementary prosecution complaints have been filed so far, it said.