The Enforcement Directorate delivered a body blow to the PACL money laundering racket by attaching 126 properties worth Rs 5,046.91 crore, mostly in Punjab and the national capital. These high-value real estate holdings trace back to illicit collections from gullible investors defrauded by Pearls Agrotech Corporation Limited and affiliates.
Triggered by a CBI FIR in 2014 per Supreme Court orders, the investigation exposed a sophisticated illegal deposit scheme that swindled over Rs 48,000 crore from lakhs of people. Promises of farmland investments with easy payment plans—down payments and installments—drew in victims, who were tricked into bogus agreements without ever receiving plots or returns.
ED uncovered layers of deception involving benami firms and circular transactions designed to whitewash black money. Even after the Supreme Court’s 2016 intervention forming the Justice Lodha Committee for asset liquidation and investor refunds, rogue elements persisted in siphoning assets, prompting fresh FIRs across states.
From the initial ECIR in 2016 to multiple prosecution complaints culminating in 2026, the special court remains seized of the matter. Cumulative attachments now stand at a staggering Rs 22,656.91 crore. As ED vows continued vigilance, this move signals hope for justice to thousands awaiting restitution from one of India’s largest chit fund scandals.