Has the ED Filed Supplementary Charges in the Rs 48,000 Crore PACL Scam?
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Synopsis
The ED has filed a Supplementary Prosecution Complaint in the monumental Rs 48,000 crore PACL investment scam, targeting Harsatinder Pal Singh Hayer among others. This development brings renewed focus on one of India's largest investment frauds affecting countless investors. Will justice be served?
Key Takeaways
- ED files a supplementary complaint against key figures in PACL scam.
- Allegations of money laundering connected to diverted investor funds.
- International properties linked to the accused have been seized.
- Investigation continues to trace the full extent of the scam.
- This case impacts millions of small investors across India.
In New Delhi, on June 10 (NationPress), the Directorate of Enforcement (ED) from its Delhi zonal office has initiated a Supplementary Prosecution Complaint (SPC) against Harsatinder Pal Singh Hayer and others before the special PMLA court in New Delhi, linked to the staggering Rs 48,000 crore PACL investment scam.
The SPC was lodged on May 17, with the court acknowledging the case on June 9, as stated by the ED in a press release on Tuesday.
This case emerged from an FIR filed by the Central Bureau of Investigation (CBI), BSFC, New Delhi, under Sections 120-B and 420 of the Indian Penal Code. It alleged that PACL Ltd., PGF Ltd., and their directors—including N.S. Bhangoo—conducted fraudulent investment schemes, scamming millions of investors throughout India, according to the release.
The ED's investigation unveiled that PACL misappropriated investor funds to various shell and affiliate companies, including M/s. MDB Housing Complex Pvt. Ltd., which is overseen by Harsatinder Pal Singh Hayer, the son-in-law of the deceased Bhangoo. The agency accused Hayer of laundering illicit funds, disguising them as legitimate business income.
Hayer, who was apprehended by the ED on March 21, is currently in judicial custody. Investigators have determined that between 2011 and 2014, he acquired multiple properties in Mumbai, Punjab, and Haryana using the proceeds of the scam. Despite the dubious origins of these funds, Hayer continued to manage and present these properties as legally obtained.
Furthermore, the ED has uncovered evidence of Hayer’s role in international money laundering. As a director in PACL’s associate firms in Australia—including Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd—he allegedly enabled the illicit transfer and parking of Rs 657.18 crore overseas, which were utilized to purchase properties in Australia. These assets have since been seized, and their details have been forwarded to the Justice Lodha Committee, established by the Supreme Court to oversee asset recovery and restitution for investors, the ED noted.
This recent SPC follows two prior prosecution complaints filed by the ED against PACL, Bhangoo, and other key suspects. Authorities have confirmed that ongoing investigations aim to trace the complete money trail and recover additional assets obtained through criminal proceeds. The PACL case is recognized as one of the largest investment frauds in India, impacting millions of small investors.
Point of View
We uphold a commitment to thorough reporting and transparency. The ED's actions in the PACL scam signify a critical step towards accountability in one of India's most significant financial scandals. Our focus remains on ensuring the interests of investors are at the forefront, providing them clarity and hope for restitution.
NationPress
14/06/2025
Frequently Asked Questions
What is the PACL investment scam?
The PACL investment scam is one of India's largest financial fraud cases, where investors were misled into investing in fraudulent schemes run by PACL Ltd. and PGF Ltd.
Who is Harsatinder Pal Singh Hayer?
Harsatinder Pal Singh Hayer is a key accused in the PACL scam, linked to the diversion of investor funds and international money laundering.
What are the charges against Hayer?
Hayer faces charges related to fraud, money laundering, and the misappropriation of investment funds, as outlined in the ED's Supplementary Prosecution Complaint.
What is the role of the ED in this case?
The ED is responsible for investigating financial crimes and has charged Hayer and others in connection with the PACL scam to recover illicit funds.
What can investors expect from this investigation?
Investors are hopeful that ongoing investigations will lead to the recovery of lost funds and accountability for those responsible for the scam.
