The Enforcement Directorate (ED) on Friday announced the attachment of assets worth over ₹5,000 crore as part of its ongoing money laundering investigation into the PACL Limited, also known as the Pearls Group.

According to the agency, 126 immovable properties located in Punjab and Delhi have been provisionally attached under the Prevention of Money Laundering Act (PMLA). The total value of these assets is estimated at ₹5,046.91 crore.

With this latest action, the ED said it has so far attached properties worth ₹22,656.91 crore belonging to PACL and its associated entities and individuals, both in India and abroad.

The investigation, which began in 2016, stems from a case registered by the Central Bureau of Investigation (CBI) in 2014 on the directions of the Supreme Court. The case involves allegations that PACL, its promoter Nirmal Singh Bhangoo, and others defrauded millions of investors across the country.

The ED alleges that the accused collected over ₹60,000 crore by promising investors returns through agricultural land development schemes. Investors were reportedly lured with cash down payments and installment plans, and were made to sign misleading documents such as agreements and powers of attorney.

However, in most cases, investors were never allotted land, and approximately ₹48,000 crore remains unpaid.

Nirmal Singh Bhangoo, the main accused in the case, passed away in August 2024. The ED has filed five charge sheets so far, and investigations into the massive ponzi scheme continue.