ED officials said at least ten premises of the firm and its directors and associates in Delhi, Mumbai, Mohali, Chandigarh and Jaipur were searched by agency sleuths under the provisions of the Prevention of Money Laundering Act (PMLA).
"The agency carried out searches in multiple cities in connection with the money laundering case it has registered against PACL, its associate firms and officials. Some documents and computer hardware suspected to be containing vital information have been seized," they said.
PACL is being probed by multiple agencies. Earlier, capital markets regulator Sebi had found it to have collected money from crores of investors through unauthorised collective investment schemes, also called ponzi schemes, in the name of real estate projects.
It is also said to have been allegedly involved in agriculture land-related schemes.
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Replying to question in Rajya Sabha recently, Minister of State for Finance Jayant Sinha had said the government had received various complaints with regard to collection of deposits by PACL India alleging non-payment of amounts advanced to the company for purchase of land, money laundering and non-settlement of accounts in respect of transfer of land.
As per Sebi's order, PACL had raised Rs 49,100 crore from nearly 5 crore investors which it needs to refund along with promised returns, interest payout and other charges, totalling over Rs 55,000 crore.
Besides, PACL has another group firm PGFL which has "illegally mobilised more than Rs 5,000 crore and failed to refund the same in spite of directions of Sebi and SAT", the regulator had said while initiating recovery proceedings.