Enforcement Directorate Acts on Alleged Rs 48,000 Crore Ponzi Scheme

A major enforcement step was taken on Wednesday as the ED seized IITL shares worth Rs 42.13 crore that were linked to a purported Rs 48,000 crore Ponzi‑style collective investment plan. The scheme, allegedly run by PACL Ltd and its sister concerns, lured investors with promises of land allocation and high‑return installment payments.

Investors were required to sign forged agreements, powers of attorney and other fabricated documents. In many cases, the promised land parcels never materialised, resulting in a massive shortfall of funds owed to the public.

The investigation began after the CBI filed FIRs citing criminal conspiracy under Sections 120‑B and 420 of the IPC. A charge sheet was filed in 2018, and the ED has since filed three supplementary money‑laundering complaints in 2022, 2025 and 2026. The latest share seizure is part of a broader asset freeze that now totals close to Rs 29,667.76 crore, spanning cash, movable and immovable assets both domestically and overseas.