The ED filed a prosecution complaint in 2018, followed by four supplementary complaints in 2022, 2025, and earlier this year. A special court has taken cognisance of them. File.
| Photo Credit: Special Arrangement
The Enforcement Directorate (ED) has provisionally attached 126 immovable properties worth approximately ₹5,046.91 crore in Delhi and Punjab in a case alleging large-scale fraud involving a collective investment scheme operated by PACL Limited and related entities.
With this action, the agency has thus far attached movable and immovable properties valued at approximately ₹22,656.91 crore, including assets located both in India and abroad in this case.
The ED probe is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) on February 19, 2014, pursuant to the Supreme Court’s directions. Subsequently, the CBI filed a chargesheet and a supplementary chargesheet against 33 accused, including individuals and companies.
As per the chargesheets, the accused entities and individuals operated a massive illegal collective investment scheme, fraudulently mobilising over ₹48,000 crore from lakhs of investors across India under the pretext of selling and developing agricultural land
People were induced to invest under cash down payment and instalment payment plans and were made to sign misleading documents such as agreements, powers of attorney, and other instruments. In most cases, land was never delivered. Multiple front entities and reverse sale transactions were used to conceal the fraud, as alleged.
After the registration of the CBI case, the Supreme Court directed the Securities and Exchange Board of India on February 2, 2016, to set up a committee under the chairmanship of former Chief Justice of India, Justice R. M. Lodha, to dispose of the land bought by PACL and distribute the proceeds to the investors.
However, further investigation revealed the continued illegal dissipation of PACL assets. This led to the registration of three additional cases by the Punjab Vigilance Bureau, Jawahar Circle police station in Jaipur, and Attibele police station in Bengaluru, the agency said.
The ED filed a prosecution complaint in 2018, followed by four supplementary complaints in 2022, 2025, and earlier this year. A special court has taken cognisance of them.
Published – March 20, 2026 03:54 pm IST
