The Enforcement Directorate (ED) on 8 October 2026 attached 48 immovable properties in Mumbai, Pune, and Raigad (Maharashtra) worth ₹567.45 crore, in connection with the Pearls Agrotech Corporation Limited (PACL) collective investment fraud — a scheme that allegedly swindled more than ₹48,000 crore from lakhs of investors across India. The action was taken by the ED's Delhi Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002.

Properties Attached and Key Accused

The 48 attached properties are held in the names of Prateek Kumar, Ansh Prateek Kumar, and three entities — Beaming Infradevelopers, Ganraj Properties, and Greenfield Estates Limited — all of which are reportedly beneficially owned and controlled by Prateek Kumar. According to the ED, investigation revealed that these properties were purchased using funds diverted directly from PACL — money that had originally been collected from investors — thereby constituting proceeds of crime.

Prateek Kumar was arraigned as accused A-13 in the First Supplementary charge sheet filed on 20 August 2022, with cognisance taken by the Special Court on 19 September 2022. An open-ended Non-Bailable Warrant (NBW) was subsequently issued against him on 9 April 2025.

Scale of the PACL Fraud

PACL operated what authorities describe as a massive illegal collective investment scheme, fraudulently mobilising more than ₹48,000 crore from investors under the pretext of purchasing and developing agricultural land. Investors were lured through cash down payment and instalment plans and made to sign misleading documents — including agreements and powers of attorney. 'In most cases, land was never delivered, resulting in unpaid investor dues of around ₹48,000 crore,' the ED said in its official statement.

The Central Bureau of Investigation (CBI) registered an FIR in New Delhi under Sections 120-B and 420 of the Indian Penal Code, 1860 — dealing with criminal conspiracy and cheating — which formed the basis of the ED's own investigation. The CBI subsequently filed a charge sheet and a supplementary charge sheet against 33 accused.

ED's Cumulative Action in the Case

The ED first recorded an Enforcement Case Information Report (ECIR) in 2016 and filed its initial charge sheet in 2018, followed by six supplementary charge sheets in 2022, 2025, and 2026. With the latest attachment, the ED has cumulatively attached movable and immovable properties worth approximately ₹30,235.21 crore, including assets located both in India and abroad. Notably, this makes the PACL case one of the largest money laundering recovery drives in Indian enforcement history.

Background: A Decade-Long Legal Battle

The PACL case dates back over a decade, representing one of India's most significant investor fraud investigations. The scale of the alleged fraud — mobilising funds from lakhs of small investors through promises of land development — drew comparisons at the time to other Ponzi-style collective investment schemes that had devastated retail investors. The Securities and Exchange Board of India (SEBI) had earlier ordered the winding up of PACL's investment schemes and directed the firm to refund investors, laying the groundwork for criminal and enforcement proceedings that followed. This latest attachment signals that ED's recovery drive, now spanning nearly a decade, is still actively widening its net.

What Happens Next

The attached properties will be subject to further proceedings before the Special Court hearing the PMLA case. Authorities have not disclosed a timeline for investor refunds from recovered assets, which remain subject to prolonged legal adjudication. With the NBW against Prateek Kumar still open-ended, investigators are expected to intensify efforts to trace remaining proceeds of crime.