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PACL Money Laundering: ED Attaches IITL Shares Bought With Diverted Investor Funds
PACL Money Laundering: The Enforcement Directorate has seized equity shares worth ₹42.13 crore in the PACL money laundering case. This action is part of an investigation into a major financial fraud in which investors were defrauded of over ₹48,000 crore. A total of ₹29,667 crore worth of assets have been seized so far.
The Enforcement Directorate (ED) has initiated drastic steps in the case of massive money laundering through the company known as PACL Limited. Provisional attachment order was issued by the ED's Delhi Zonal Office for equity shares of ₹42.13 crore belonging to M/s Industrial Investment Trust Limited, which was owned by M/s N.N. Financial Services Private Limited. Provisional attachment order has been made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED took this action in the context of investigations of the case of major financial frauds committed by the entity known as PACL Limited and its associated companies. This fraud case involved a collective investment scheme. The case was initiated by the ED based on the FIR that was filed by the Central Bureau of Investigation (CBI). CBI filed charge sheets and supplementary charge sheets against 33 accused entities in the case of illegal collective investment scheme.
According to charge sheets, accused entities and individuals collected more than ₹48,000 crore from lakhs of investors in the name of selling and developing agricultural land. Investors were induced to invest cash and in installments and sign certain misleading documents such as agreement and power of attorney documents. In most of the cases, the alleged land was not provided to them, and there were outstanding payments of about ₹48,000 crore.
