PACL Scam: Enforcement Directorate linked PACL Ltd to a major financial scam. Major action has been taken in the matter. ED has attached 126 properties worth Rs 5,046.91 crore. These properties are located in Delhi and Punjab. This case is related to a fake investment scheme, in which the company had collected about Rs 48 thousand crore from lakhs of investors across the country on the pretext of giving land to people. But most of the investors neither got the land nor their money back.
CBI started investigating the scam in 2014
The investigation of this scam was started by the Central Bureau of Investigation i.e. CBI in 2014, after which ED registered a case under money laundering. Investigation revealed that the company diverted money through several fake companies and paper transactions.
Properties worth more than Rs 22 thousand attached so far
Let us tell you that in 2016, the Supreme Court had also formed a committee to return the money to the investors, but despite this, illegal sale and misappropriation of the company’s assets continued. According to ED, till now properties worth more than Rs 22 thousand 656 crore have been attached in this case. At present the investigation of the case is going on.
What is PACL Scam?
It is noteworthy that PACL i.e. Pearls Agrotech Corporation Limited scam is one of the biggest financial fraud and Ponzi scheme cases in India. This was a Collective Investment Scheme. In this, PACL company had duped investors into doubling the money or giving them land in the name of agriculture and real estate development.
This is how scams were done in Ponzi scheme
It is said that PACL company was a Ponzi scheme, in which the money taken from new investors was used to pay the old investors and pay huge commission to the agents. The name behind this scam was Pearl Group founder Nirmal Singh Bhangu, who died in August 2024.
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