The Enforcement Directorate (ED), Delhi Zonal Office, has provisionally attached 247 immovable properties worth ₹10,021.46 crore in the PACL money laundering case under the Prevention of Money Laundering Act (PMLA), 2002. The attached properties are located in SAS Nagar, Rupnagar, Zirakpur, and Mohali.
This action forms part of an ongoing investigation into an alleged unlawful collective investment scheme operated by M/s PACL Ltd. and its associated entities.
With this latest attachment, the cumulative value of assets attached in the PACL case has reportedly reached approximately ₹17,610 crore, including properties situated in India and abroad.
Origin of the PACL Investigation (CBI FIR/SC Directions)
The ED initiated its investigation based on FIR No. RCBD1/2014/E/0004 dated 19 February 2014, registered by the Central Bureau of Investigation (CBI), New Delhi. The FIR invoked Sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code, 1860, pursuant to directions issued by the Hon’ble Supreme Court of India.
The CBI subsequently filed a charge-sheet and a supplementary charge-sheet against 33 accused individuals and entities, alleging their role in operating an unlawful collective investment scheme.
PACL’s Alleged Collective Investment Scheme
Mobilisation of Over ₹48,000 Crore
According to the CBI’s charge-sheets, PACL Ltd. and its related entities allegedly mobilised more than ₹48,000 crore from lakhs of investors across India.
Funds were reportedly collected under structured schemes, including:
- Cash Down Payment Plans
- Instalment Payment Plans
Investors executed multiple legal documents, including agreements and powers of attorney, which investigators allege were misleading or structured to obscure the true nature of the investment model.
Alleged Non-Delivery of Promised Land
The scheme was promoted as involving sale and development of agricultural land. However, investigation findings indicate:
- In a majority of cases, land was not delivered to investors
- A substantial portion of the mobilised funds, estimated at approximately ₹48,000 crore, remains unpaid
The ED has further alleged that PACL used front entities, layered transactions, and reverse sale arrangements to obscure fund trails, conceal ownership structures, and generate wrongful gains.
Supreme Court Oversight and SEBI Committee
By order dated 2 February 2016, the Hon’ble Supreme Court directed the Securities and Exchange Board of India (SEBI) to constitute a committee under the chairmanship of former Chief Justice of India Justice R. M. Lodha.
The committee was mandated to:
- Oversee the disposal of PACL’s land and assets
- Facilitate distribution of sale proceeds to affected investors
Despite these measures, subsequent investigation reportedly indicated continued dissipation and encumbrance of PACL-linked properties.
Additional Allegations, FIRs and Seizures
Three additional FIRs were registered by:
- Punjab Vigilance Bureau
- Jawahar Circle Police Station, Jaipur
- Attibele Police Station, Bengaluru
These cases relate to alleged illegal sale, encroachment, and misuse of land acquired using investor funds.
Search operations conducted in connection with these FIRs led to the seizure of materials including:
- Blank sale deeds
- Signed cheque books
- Identity-related documents
According to the ED, these materials indicate systematic attempts to transfer, siphon, or encumber assets allegedly constituting proceeds of crime.
247 Properties Identified as Proceeds of Crime
The 247 immovable properties attached in the present action have been identified as assets acquired using investor funds. The ED has classified them as “proceeds of crime” under Section 2(1)(u) of the PMLA.
The provisional attachment is intended to prevent further sale, transfer, or encumbrance during adjudication and trial proceedings.
With the present action, the ED has attached movable and immovable assets worth approximately ₹17,610 crore in the PACL case. This includes domestic and overseas properties and financial assets.
Prosecution and Judicial Proceedings
The ED recorded an Enforcement Case Information Report (ECIR) in 2016. A Prosecution Complaint was filed before the Special Court (PMLA) in 2018, followed by three supplementary complaints in 2022, 2025, and 2026 against various accused individuals and entities.
The Hon’ble Special Court (PMLA) has taken cognizance of all complaints filed to date.
Under the PMLA framework, provisional attachment serves as a statutory safeguard to secure assets pending adjudication. Final confiscation or release depends on confirmation by the Adjudicating Authority and the outcome of judicial proceedings.
Ongoing Investigation and Broader Implications
The ED has confirmed that further investigation in the PACL matter remains ongoing.
Given the alleged mobilisation of over ₹48,000 crore, the attachment of ₹17,610 crore in assets, and the involvement of lakhs of investors, the case continues to carry significant implications for:
- Investor protection mechanisms
- Collective investment scheme regulation
- Enforcement under the PMLA
- Asset recovery and restitution frameworks in India
Regulatory authorities, legal practitioners, and affected investors continue to monitor developments closely.
Source: ED Press Release dated 18/02/2026 regarding PACL Investment Schemes Scam