New Delhi, Feb 18 (NationPress) The Enforcement Directorate (ED), Delhi Zonal Office-II, has provisionally attached 247 immovable properties valued at Rs 10,021.46 crore under the Prevention of Money Laundering Act (PMLA) as part of its ongoing investigation into an alleged multi-crore fraud involving PACL Ltd and its associated entities, according to an official statement released on Wednesday.

The attached properties are situated in SAS Nagar (Mohali), Rupnagar, and Zirakpur in Punjab, and are believed to have been acquired using funds gathered from investors through an illegal collective investment scheme.

The investigation by the ED originates from an FIR lodged on February 19, 2014, by the CBI for alleged violations under Sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code. This FIR was filed following directives issued by the Supreme Court of India.

Following the FIR, the CBI submitted a charge sheet and a supplementary charge sheet against 33 defendants, including various individuals and companies, for allegedly running a large-scale illegal investment scheme.

The charge sheets allege that the accused amassed over Rs 48,000 crore from millions of investors nationwide under the pretense of selling and developing agricultural land.

Investors were enticed through cash down payment and installment plans, leading them to sign misleading agreements, powers of attorney, and other documents. In many instances, the promised land was never delivered, and a significant portion of the funds collected remains unpaid to the investors,” the ED's statement indicated.

The agency noted that the scheme utilized numerous front entities and reverse sale transactions to obscure the fraud and generate illicit profits.

On February 2, 2016, the Supreme Court instructed the Securities and Exchange Board of India (SEBI) to form a committee under the leadership of former Chief Justice of India R.M. Lodha to manage the disposal of PACL’s land assets and ensure that the sale proceeds are allocated to investors.

However, further inquiries uncovered alleged ongoing illegal dissipation of PACL’s assets, prompting three additional FIRs to be filed by the Punjab Vigilance Bureau, Jawahar Circle Police Station (Jaipur), and Attibele Police Station (Bengaluru) for suspected illegal sales, encroachments, and misuse of land acquired with investor funds.

According to the ED, search operations in these cases have led to the seizure of incriminating evidence, including blank sale deeds, signed checkbooks, and identity documents, indicating systematic efforts to siphon and dispose of proceeds of crime.

The ED filed an Enforcement Case Information Report (ECIR) in 2016 and subsequently filed a Prosecution Complaint in 2018, along with three supplementary prosecution complaints in 2022, 2025, and 2026 against various accused individuals and entities. The Special Court (PMLA) has acknowledged all complaints submitted to date.

With the latest attachment of 247 properties, the ED has provisionally attached movable and immovable assets totaling approximately Rs 17,610 crore in this case, encompassing properties both within India and overseas.

Further investigations are ongoing.