The Directorate of Enforcement (ED) has provisionally attached 126 immovable properties worth Rs 5,046.91 crore in the ongoing investigation into the massive PACL Ltd. investment fraud. The assets, located across Punjab and Delhi, have been attached under the Prevention of Money Laundering Act (PMLA), 2002, the agency said in a statement.
The case stems from an FIR registered by the Central Bureau of Investigation (CBI) in 2014, following directions from the Supreme Court. The FIR, filed under IPC Sections 120-B and 420, accused PACL Ltd. and associated entities of running an illegal collective investment scheme that duped investors across the country.
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Rs 48,000 Crore Mobilised Through Fraudulent Land Scheme
According to the CBI charge-sheet and supplementary filings, PACL and its associates mobilised over Rs 48,000 crore from lakhs of investors on the pretext of purchasing and developing agricultural land. Investors were enticed with "Cash Down Payment" and "Instalment" plans and made to sign misleading documents including agreements and powers of attorney.
However, in most cases, no land was ever allotted, leaving nearly the entire amount-approximately Rs 48,000 crore-unreturned. The investigation found that the accused used multiple front companies and reverse sale transactions to conceal the fraudulent proceeds.
Supreme Court-Monitored Recovery Efforts
In 2016, the Supreme Court ordered SEBI to set up a committee led by former Chief Justice of India Justice R.M. Lodha to sell PACL-acquired land and distribute the proceeds to affected investors.
Despite this, ED said further investigations uncovered continued illegal liquidation and misuse of PACL assets. This prompted three additional FIRs by enforcement bodies in Punjab, Jaipur, and Bengaluru related to land encroachment, illegal sale, and diversion of investor-funded properties.
During searches, agencies recovered blank sale deeds, signed cheque books, and identity documents-evidence of systematic attempts to siphon off proceeds of crime, investigators said.
Multiple Prosecution Complaints Filed
ED recorded an ECIR in 2016 and has since filed one Prosecution Complaint and four Supplementary Complaints (in 2018, 2022, 2025, and 2026). The Special Court (PMLA) has taken cognisance of all complaints filed so far.
The latest attachment brings the total value of properties-both movable and immovable-attached in the PACL case to Rs 22,656.91 crore. These include assets located in India and abroad linked to PACL and its network of related entities and individuals.
The ED said that all 126 newly attached properties were acquired using investor funds and therefore constitute proceeds of crime under PMLA.
The agency confirmed that further investigation is in progress to trace additional assets and identify all individuals involved in the large-scale fraud.
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