New Delhi, June 9, 2026
In a big relief to duped investors in the PACL (Pearl Agrotech Corporation Limited) case, a Special Court (PMLA) court gave the nod to the ED for the restitution of 282 immovable properties worth Rs 9,420.57 crore, and refund the money to the victims of the ponzi scheme, an official said on Tuesday.
The attached properties will be handed over by the ED to the Justice Lodha Committee for further distribution of the sale proceeds among the victim investors.
This action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, with the aim of facilitating the return of funds to lakhs of gullible investors.
During the current financial year, the ED has attached properties worth Rs 1,595.85 crore, taking the total attachment in the PACL case to Rs 28,626 crore, the ED said.
These attachments include properties located both in India and abroad (including Australia). The attached assets are held in the name of PACL Ltd., its group/associate entities, and family members/associates of Late Shri Nirmal Singh Bhangoo, including Barinder Kaur (daughter), Harsatinder Pal Singh Hayer (son-in-law), Sukhwinder Kaur (daughter), Gurpartap Singh (son-in-law), and Prem Kaur (wife).
The case originates from an FIR registered by the Central Bureau of Investigation (CBI) against PACL and its promoters for defrauding lakhs of investors.
As per the chargesheet and supplementary chargesheet filed by CBI, PGF and PACL, under the control of Late Nirmal Singh Bhangoo and his associates, operated a large-scale illegal collective investment scheme, mobilizing over Rs 68,000 crore from investors across India.
The scheme was structured through cash down payments and installment-based plans, in which investors were induced to execute misleading documents, such as agreements, special powers of attorney, and other instruments.
In many cases, registration/allotment letters were issued without ownership of the underlying, resulting in large-scale fraud. A substantial amount – Rs 48,000 crore -remains unpaid to the gullible investors, said the statement.(Agency)
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