 "ED attaches Rs 4.72 bn assets in money laundering probe into ponzi scam")
The Enforcement Directorate on Monday said it has attached assets worth Rs 4.72 billion, including one in Australia, in connection with its money laundering probe in the PACL ponzi scam case.
The ED had registered a criminal case against the firm in 2015 based on a CBI FIR against the group, its directors, and officials.
"Properties worth Rs 4.72 billion have been attached under the Prevention of Money Laundering Act (PMLA) in PACL ponzi scam operated by Nirmal Singh Bhangoo. The properties include MiiResorts Group 1 Pty Ltd and Sanctuary Cove properties in Australia," it said.
Earlier, capital markets regulator SEBI had found it to have collected money from millions of investors allegedly through unauthorised collective investment schemes, also called ponzi schemes, in the name of real estate projects.
The ED had registered a criminal case against the firm in 2015 based on a CBI FIR against the group, its directors, and officials.
"Properties worth Rs 4.72 billion have been attached under the Prevention of Money Laundering Act (PMLA) in PACL ponzi scam operated by Nirmal Singh Bhangoo. The properties include MiiResorts Group 1 Pty Ltd and Sanctuary Cove properties in Australia," it said.
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PACL is being probed by multiple agencies.
Earlier, capital markets regulator SEBI had found it to have collected money from millions of investors allegedly through unauthorised collective investment schemes, also called ponzi schemes, in the name of real estate projects.