ED Launches Search in PACL Money Laundering Investigation, Uncovers Vital Evidence
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Synopsis
The Enforcement Directorate (ED) conducted searches at three locations in Gurugram related to the PACL money laundering investigation. Key evidence was seized, including digital documents and property records. The investigation stems from a FIR by the CBI regarding significant financial fraud affecting thousands of investors.
Key Takeaways
- The ED conducted searches in Gurugram.
- Evidence linked to PACL's fraudulent schemes was seized.
- Investigation involves major financial fraud cases.
- Harsatinder Pal Singh is a key suspect.
- Ongoing investigations are expected to yield more actions.
New Delhi, March 25 (NationPress) The Enforcement Directorate (ED), Delhi Zonal Office, has executed search operations at three locations in Gurugram as part of its ongoing investigation into the fraudulent actions of PACL India Limited (PACL) and its affiliates.
The operation was carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
This investigation was initiated based on a First Information Report (FIR) lodged by the Central Bureau of Investigation (CBI) and the Bureau of Serious Fraud Investigation (BSFC), New Delhi, citing Sections 120-B (conspiracy) and 420 (cheating) of the Indian Penal Code (IPC), 1860.
The case involves PACL India Limited, PGF Limited, Nirmal Singh Bhangoo, among others, who are accused of orchestrating fraudulent investment schemes that misled thousands of investors.
ED officials have claimed that PACL and its directors are alleged to have defrauded investors of around Rs 48,000 crore through these fraudulent schemes. The search operation on March 23 targeted the residences of two individuals, Barinder Kaur and Manoj Kumar, who are believed to be close associates of Harsatinder Pal Singh, the son-in-law of the deceased Nirmal Singh Bhangoo.
The ED took Harsatinder Pal Singh into custody on March 21, 2025, in relation to this case, and he was subsequently remanded to the agency's custody by the Special Court.
During the search operations, significant evidence was retrieved, including digital files and property records associated with PACL and its directors, as well as their family members. These documents are anticipated to be crucial in the ongoing investigation into the extensive financial fraud.
The ED has indicated that ongoing investigations are in progress, with additional actions likely as they delve deeper into the fraudulent activities associated with PACL and its network. Authorities are meticulously reviewing the seized materials to trace the illicit funds and assets connected to the accused.
