ED's Historic Crackdown: Over 247 Assets Worth Rs 10,000 Crore Seized in PACL Ponzi Scam

Chandigarh-based PACL (Pearls Group) has found itself at the heart of one of the largest asset seizures in India. The Enforcement Directorate (ED) announced on Wednesday its biggest single attachment order of 247 immovable assets valued at more than Rs 10,000 crore.

The PACL group stands accused of orchestrating a colossal Ponzi scheme. Allegations involve defrauding investors of over Rs 48,000 crore under the pretext of selling and developing agricultural land. The attached properties are scattered across SAS Nagar (Mohali), Rupnagar, and Zirakpur in Punjab.

This decisive action follows a prolonged investigation stemming from a 2014 CBI case against PACL Ltd and its now-deceased promoter, Nirmal Singh Bhangoo. Until now, four chargesheets have been filed, and with this order, the ED has attached assets amounting to Rs 17,610 crore, some of which are located internationally.