NEW DELHI: The Enforcement Directorate (ED) has attached 247 properties worth Rs 10,021.46 crore across Punjab in a large-scale financial fraud linked to an investment scheme run by PACL Ltd and its associated entities.
The attached properties are located in SAS Nagar, Rupnagar, Zirakpur and Mohali, and were allegedly acquired using funds swindled from lakhs of investors who were promised land but never received it. With this, the total value of assets attached in the case has risen to Rs 17,610 crore.
The investigation is based on a case registered by the Central Bureau of Investigation on the directions of the Supreme Court of India. The CBI subsequently filed a charge sheet and a supplementary charge sheet against 33 accused, including individuals and companies, for operating an illegal investment scheme.
According to the charge sheets, the accused entities ran a massive illegal collective investment scheme, fraudulently mobilising over `48,000 crore from investors across India under the pretext of sale and development of agricultural land.
Investors were lured through cash down payments and instalment plans, and were made to sign misleading documents such as agreements, powers of attorney.
“In most cases, land was never delivered, and approximately Rs 48,000 crore remains unpaid. The scheme involved multiple front entities and reverse sale transactions to conceal the fraud and generate wrongful gains,” the agency said.
Following the FIR, the apex court on February 2, 2026, directed the Securities and Exchange Board of India to form a committee under former CJI Justice R. M. Lodha to dispose of PACL’s land and distribute proceeds among investors.