India’s Enforcement Directorate (ED) has connected 68 high-value properties value ₹762 crore in Punjab, Haryana, Delhi, Maharashtra, and Australia. These belongings have been purchased with cash stolen from 5.8 crore traders in considered one of India’s greatest frauds: The PACL rip-off.
Administrators of Pearl Agro Company Restricted (PACL) tricked individuals for 18 years by promising plots of land or excessive returns. As an alternative, they collected ₹48,000 crore by way of unlawful funding schemes banned by SEBI. The ED’s motion follows a CBI case towards PACL, its sister firm PGF Restricted, and late founder Nirmal Singh Bhangoo for dishonest traders nationwide.
The newest press launch by the ED on the investigation reads, “Directorate of Enforcement (ED), Delhi Zonal Workplace has provisionally connected immovable properties valued at Rs. 762.47 Crore (approx) located throughout Punjab, Haryana, Delhi, Maharashtra, and Australia in reference to an ongoing investigation involving M/s PACL Ltd., its Administrators, promoters, and related entities, performed underneath the provisions of the Prevention of Cash Laundering Act (PMLA), 2002. ED initiated an investigation on the idea of the FIR registered by the Central Bureau of Investigation.”
How stolen money turned luxurious belongings
PACL administrators secretly moved traders’ cash by way of shell firms in Kolkata, pretending it was for “land improvement.” Money was then handed to Bhangoo’s associates in Delhi, despatched by way of hawala (unlawful channels) to Dubai, and at last used to purchase overseas properties.
Current raids throughout 9 states uncovered paperwork proving this laundering chain. Key accused like Bhangoo’s son-in-law Harsatinder Pal Hayer purchased luxurious properties in Mumbai, Punjab, and Australia with the stolen funds. Hayer, arrested in March 2025, faces new costs for hiding these belongings as “clear” regardless of understanding they have been purchased with fraud cash.
