New Delhi: The Directorate of Enforcement (ED) has facilitated the restitution of 455 immovable properties worth about ₹15,582 crore to the Justice R.M. Lodha Committee. The transfer relates to the financial fraud case involving Pearls Agrotech Corporation Limited (PACL).

The ED said it transferred the properties under the Prevention of Money Laundering Act (PMLA), 2002. The move aims to support compensation for lakhs of investors who suffered losses in the alleged fraud.

PACL Asset Attachments Reach ₹27,030 Crore

The ED said its total attachments in the PACL case have reached ₹27,030 crore. The agency attached properties worth ₹26,324 crore during the current financial year.

The assets include properties in India and overseas. Some properties are located in Australia. PACL Ltd., its associate entities, and members of late promoter Nirmal Singh Bhangoo’s family hold the assets.

The case names several family members. They include Bhangoo’s wife Prem Kaur, daughters Barinder Kaur and Sukhwinder Kaur, and sons-in-law Harsatinder Pal Singh Hayer and Gurpartap Singh.

CBI Probe Found ₹68,000 Crore Investment Scheme

The case began with a 2014 FIR filed by the CBI. The agency alleged that PACL and PGF Ltd. operated an illegal collective investment scheme.

According to investigators, the companies collected more than ₹68,000 crore from investors across India. They allegedly used misleading agreements and land allotment documents to attract investors.

Investigators also found cases where the companies lacked actual ownership of the land mentioned in the documents. The ED said investors still have nearly ₹48,000 crore in unpaid claims.

Supreme Court Set Up Lodha Committee

In 2016, the Supreme Court issued directions in the Subrata Bhattacharya vs Securities and Exchange Board of India case. The court directed SEBI to create a committee led by former Chief Justice of India R.M. Lodha.

The committee received responsibility for selling PACL assets and arranging refunds for investors. It has since worked to liquidate the assets and distribute the proceeds.

The ED registered its money laundering case in 2016. Its investigation found that the alleged proceeds of crime moved through interconnected entities controlled by the Bhangoo family and their associates.

ED Takes Action Against Key Accused

The ED filed a prosecution complaint before a special PMLA court in 2018. The agency has also started proceedings under the Fugitive Economic Offenders Act against Sukhwinder Kaur and Gurpartap Singh.

The agency has arrested key accused, including Harsatinder Pal Singh Hayer. Courts have also issued non-bailable warrants against Barinder Kaur and Prem Kaur.

The ED said it continues to trace additional assets linked to the case. Investigators also want to identify other beneficiaries and increase the amount available for investor recovery.

Efforts Continue to Refund Investors

The ED described the latest transfer as a significant step toward returning money to affected investors. The Justice R.M. Lodha Committee will use the assets as part of its refund process.

The agency continues to search for additional properties and other assets linked to the alleged fraud. It also aims to identify more beneficiaries and maximise recovery for investors.