The Enforcement Directorate today carried out multiple searches in connection with its money laundering probe in the alleged Rs 60,000 crore illegal funds mobilisation and ponzi scheme case involving PACL.
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.
The ED had registered a criminal case against the firm early this year based on a CBI FIR against the group and its directors and officials.
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.
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.
Earlier this month, Sebi had ordered attachment of all bank and demat accounts of PACL Ltd and its nine promoters and directors for failure to refund more than Rs 60,000 crore due to investors.
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.
