NewzVille Desk
Enforcement Directorate (ED) has provisionally attached 126 immovable properties worth over Five Thousand crore rupees across Punjab and Delhi. The ED said that the action is taken in connection with a massive financial fraud linked to PACL Limited under the provisions of the Prevention of Money Laundering Act 2002.
The Probe Agency said that the investigation was initiated on the basis of a case registered by the Central Bureau of Investigation (CBI) in 2014, for running an illegal investment scheme. According to the ED, the accused entities fraudulently mobilised over 48 thousand crore rupees from lakhs of investors across the country under the pretext of sale and development of agricultural land.
The agency said that investors were induced through misleading documents and payment schemes, while in most cases, neither land nor returns were delivered. ED further noted that with the latest action, total attachments in the case have reached more than 22,650 crore rupees, including assets in India and abroad. Further investigation is underway.
