NEW DELHI: The Enforcement Directorate (ED) on Wednesday attached 247 properties worth Rs 10,021.46 crore across Punjab in large-scale financial fraud involving a investment scheme operated by PACL Ltd. and related entities.
The properties seized are spread across SAS Nagar, Rupnagar, Zirakpur and Mohali and were acquired using money swindled from lakhs of ordinary investors who were promised land but never received it, pushing the agency's total attachments in the case to a staggering Rs 17,610 crore.
The investigation is based on case registered by the Central Bureau of Investigation (CBI) on directions of the Supreme Court.
Subsequently, CBI filed a charge-sheet and a supplementary charge-sheet against 33 accused including individuals and companies for their role in running an illegal investment scheme.
As per the charge-sheets, the accused entities and persons operated a massive illegal collective investment scheme, fraudulently mobilising over Rs 48,000 crore from lakhs of investors across India under the pretext of sale and development of agricultural land.
Investors were induced to invest under Cash Down Payment and Instalment Payment Plans, and were made to sign misleading documents such as agreements, powers of attorney and other instruments.
“In most cases, land was never delivered, and approximately Rs 48,000 crore remains unpaid to investors. The scheme involved use of multiple front entities and reverse sale transactions to conceal the fraud and generate wrongful gains,” the agency said.
After registration of the FIR, the the apex court on February 2, 2026 directed SEBI to constitute a committee under the chairmanship of former Chief Justice of India, Justice R M Lodha, to dispose of the land purchased by PACL and to distribute the sale proceeds to the investors.
However, further investigation revealed continued illegal dissipation of PACL assets, leading to registration of three additional FIRs by the Punjab Vigilance Bureau, Jawahar Circle Police Station, Jaipur and Attibele Police Station in Bengaluru for illegal sale, encroachment, and misuse of land acquired using investor funds.
Searches conducted in these cases resulted in the seizure of incriminating materials, including blank sale deeds, signed cheque books, and identity documents, indicating systematic attempts to siphon and dispose of the proceeds of crime.
“Further investigation is in progress,” the agency said.