ED searches PACL premises in multiple cities
After conspicuous silence for over a year since CBI registered its case, the Enforcement Directorate on Wednesday carried out multiple searches in connection with its money laundering probe in the alleged Rs 60,000 crore illegal funds mobilisation and ponzi scheme case involving PACL.
ED officials said at least 10 premises of the firm and its directors and associates in Delhi, Mumbai, Mohali, Chandigarh and Jaipur were searched by agency sleuths under the provisions of the Prevention of Money Laundering Act (PMLA).
“The agency carried out searches in multiple cities in connection with the money laundering case it has registered against PACL, its associate firms and officials. Some documents and computer hardware suspected to be containing vital information have been seized,” they said.
The ED had registered a criminal case against the firm early this year based on a CBI FIR against the group and its directors and officials.
PACL is being probed by multiple agencies. Earlier, capital markets regulator Sebi had found it to have collected money from crores of investors through unauthorised collective investment schemes, also called ponzi schemes, in the name of real estate projects.
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