ED's Biggest Legal Clampdown: Rs 22,000 Crore Assets Seized in PACL Case

The Enforcement Directorate (ED) marked a historic achievement by executing its largest single-case attachment, surpassing Rs 22,000 crore, amidst a comprehensive money laundering probe against PACL, a Chandigarh-based conglomerate. The fresh attachment includes 126 properties in Punjab and Delhi, valued at Rs 5,046.91 crore, elevating the cumulative attached assets to Rs 22,656.91 crore, encompassing both domestic and international properties.

This investigative endeavor stems from a 2014 CBI case initiated under the Supreme Court's guidance against PACL Ltd and its late promoter, Nirmal Singh Bhangoo, who passed away in August 2024. The core allegation underscores PACL's deceptive collective investment scheme, which reportedly amassed over Rs 60,000 crore from numerous investors across India, masked under the guise of agricultural land sales and development.

Investors were misled through illegitimate agreements, power of attorney drafts, and other fabricated instruments, with the promise of land—a pledge predominantly unfulfilled, leaving Rs 48,000 crore unpaid. The ED, reinforcing its stand on the anti-money laundering front, has filed five chargesheets since the case's registration in 2016, detailing the extensive criminal misconduct.