Agency attaches assets worth over Rs 951 crore in 2 cases

The ED’s investigation is based on an FIR filed by the Central Bureau of Investigation (CBI) on February 19, 2014, against M/s PACL Ltd., M/s PGF Ltd., the late Nirmal Singh Bhangoo, and others. The FIR was registered under Sections 120-B and 420 of the Indian Penal Code (IPC).

The case involves a large-scale fraudulent collective investment scheme operated by PACL. Through this scheme, the company and its associates deceitfully raised and misappropriated approximately ₹48,000 crore from a large number of unsuspecting investors. This amount constitutes the proceeds of crime (PoC).

The ED’s probe revealed that the funds collected from millions of investors were “layered” and diverted through a series of complex transactions to hide their illegal origins. A portion of these illicit funds was used to acquire 11 immovable properties, valued at ₹696.21 crore. These properties were purchased under the names of various entities, including M/s DSS Megacity Pvt. Ltd., M/s Saramati Realtors Pvt. Ltd., M/s Saramati Techno Build Pvt. Ltd., M/s Shiv Megacity Project Pvt. Ltd., and M/s Roseco Builders Pvt. Ltd.