Sebi wins Australia court case against group accused of financial fraud

As per the order passed by the Australian court, Sebi will be entitled to receive sale proceeds of hotel and villas acquired by PACL in Australia

Market regulator Securities and Exchange Board of India (Sebi) has won a case against the PACL group in an Australian court.

According to sources, the regulator had appealed in Federal Court of Australia to recover dues worth Rs 4 billion stashed away by the PACL Group using several shell entities. The victory assumes significance since it forms a precedent for Sebi in approaching foreign courts to recover money of the collective investment schemes (CIS) frauds stashed overseas.

As per the order passed by the Australian court, Sebi will be entitled to receive sale proceeds of hotel and villas acquired by