The PACL scam involving the hard-earned money of lakhs of families in the country is once again in the headlines. This time the matter is even bigger. Because ED has attached 247 properties related to PACL, whose value is said to be around Rs 10021 crore. This action has been taken under the Money Laundering Act. PACL Limited gave a dream to people across the country to buy land, secure the future.
From village to city, small shopkeepers, farmers, employed people all invested their savings in the hope that they will get a plot or a huge return. People were told to invest today, pay money in installments, and after a few years they will get land or profit. But according to the investigating agencies, the reality was something else. It is alleged that about Rs 48,000 crore was collected from lakhs of investors…but most of the people neither got the land nor the money back.
What is the whole matter in which CBI registered the case?
CBI registered the case following the instructions of the Supreme Court in 2014. Investigation revealed that this was an illegal collective investment scheme. CBI later arrested 33 accused, including several individuals and companies. Chargesheet and supplementary chargesheet were filed against him. During investigation it came to light that this entire investment model was illegal and money was raised by misleading people.
In 2016, the Supreme Court directed SEBI to return the money to investors by selling PACL land. A committee was formed for this. But even after this, reports of alleged illegal sale and manipulation of land continued to come. ED registered a case of money laundering in 2016. After this, continuous investigation and charge sheet was filed. Now the 247 properties that have been attached are said to be in Mohali, Zirakpur, Rupnagar and SAS Nagar of Punjab. Not only this, ED has till now attached movable and immovable assets worth about Rs 17610 crore in this case. Which also includes properties in India and abroad. Thousands of investors are waiting for the return of their money. The case is going on in the special court of PMLA. ED says that the investigation is ongoing and further action may be taken.
