The Enforcement Directorate (ED) has once again attached a property of about Rs 696.21 crore in Panchkula, Haryana, taking major action. This action is said to be part of the investigation related to a large PACL scam.
According to the Central Investigation Agency, PACL Limited and its people had deposited a huge amount of Rs 48,000 crore from the people by running fake investment schemes. The company took money by luring millions of land and good returns, but later turned this money here and there and put it in its desired property.
What was revealed in ED investigation
ED investigation has revealed that the company made transactions through several companies to hide the money and make it valid and later 11 big properties were purchased from the same money, which cost more than Rs 696 crore.
According to the ED investigation, this property was taken in the names of different companies, including M/s DSS Megcity PVT. Ltd., m/s saramati realtors pvt. Ltd., M/s Shiv Megcity Project Pvt. Ltd. And m/s roseco builders Pvt. Ltd. Are included. So far, the Central Investigation Agency has attached a total property worth Rs 2165 crore in this case.
Cases are registered against Nirmal Singh Bhangu and his associate companies
The property attached by the ED includes movable and immovable properties of the country and abroad. The agency has also filed a charge sheet and two supplementary charge sheet in this case. Actually, this case started on the basis of FIR registered by CBI in 2014. In this, a case of fraud and conspiracy was registered against the company’s founder Nirmal Singh Bhangu and his associate companies. The ED says that many more transactions and investigations are yet to be done in this scam.
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