What Led the ED to Conduct Searches in Jaipur under PMLA?
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Synopsis
In a significant operation, the ED has conducted searches in Jaipur related to a major financial fraud. This investigation highlights the ongoing battle against money laundering in India. Stay tuned to learn more about the fraudulent schemes that affected countless investors.
Key Takeaways
- The ED conducted searches in Jaipur related to a money laundering investigation.
- Approximately Rs 48,000 crore was defrauded from investors.
- Key individuals have been arrested and are in judicial custody.
- Incriminating evidence was found, emphasizing the severity of the fraud.
- Legal actions are ongoing to ensure justice for the victims.
Jaipur, April 27 (NationPress) - The Directorate of Enforcement (ED), Delhi Zonal Office, announced on Sunday that a search operation was conducted in Jaipur, Rajasthan, under the Prevention of Money Laundering Act (PMLA), 2002, related to an ongoing investigation involving M/s PGF Ltd., M/s PACL Ltd., their directors, and other associated individuals.
The ED stated that the searches were executed based on an FIR lodged by the CBI, BSFC, New Delhi, under Sections 120-B and 420 of the IPC, 1860, against M/s PACL India Limited, M/s PGF Limited, Nirmal Singh Bhangoo, and others.
According to the ED, “They were engaged in running deceptive investment schemes aimed at cheating investors. Through these schemes, PACL and its Directors swindled investors out of nearly Rs 48,000 crore.”
The central investigative agency noted that Harsatinder Pal Singh, the son-in-law of the late N S Bhangoo, was apprehended by the ED on March 2 and is presently in judicial custody.
“During the operation, it came to light that Shravan Singh Chauhan, Indra Singh, and their associates have been unlawfully occupying a property owned by M/s PACL since 2017, running a commercial business, thereby generating illicit income and further misappropriating Proceeds of Crime (POC) stemming from the PACL Ltd. fraud, which has negatively impacted investors across the nation,” it stated.
The agency confirmed that incriminating digital evidence and a luxury vehicle owned by the illegal occupant were discovered and confiscated.
The central agency emphasized that this search represents a crucial move in reclaiming properties obtained through POC and underscores the Directorate's commitment to delivering justice for the deceived investors.
It also mentioned that additional legal action is in progress, with coordination among law enforcement agencies ongoing to file appropriate criminal cases against those involved.
Point of View
I commend the ED for its proactive measures in combating financial fraud that has plagued countless investors across the nation. This operation not only signifies a step towards accountability but also emphasizes the need for robust regulatory frameworks to protect the interests of investors. Our commitment is to continue reporting on these critical issues, ensuring transparency and justice prevail.
NationPress
18/06/2025
Frequently Asked Questions
What is the Prevention of Money Laundering Act?
The Prevention of Money Laundering Act (PMLA) is a law in India aimed at preventing money laundering and ensuring that the proceeds of crime are not utilized in the financial system.
Who were the main companies involved in the ED's investigation?
The main companies involved are M/s PGF Ltd. and M/s PACL Ltd., along with their directors and associates.
What was the amount defrauded from investors?
The amount defrauded from investors is approximately Rs 48,000 crore.
What actions are being taken against the perpetrators?
The ED is taking legal action against the individuals involved in the fraudulent schemes, including arresting key figures and securing properties acquired through proceeds of crime.
What was found during the ED's search operation?
Incriminating digital evidence and a luxury car owned by the illegal occupant were seized during the search operation.
