Pearls Group Case: 126 Properties in Punjab, Delhi Seized by Enforcement Directorate

The Enforcement Directorate (ED) on Friday said it has attached fresh properties worth over ₹5,000 crore as part of its ongoing money laundering investigation into the Pearls Group (PACL) scam. The central agency stated that the action was taken in connection with an alleged Ponzi scheme involving approximately ₹48,000 crore. A total of 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 newly attached assets stands at ₹5,046.91 crore. With this latest कार्रवाई, the ED has so far attached assets worth ₹22,656.91 crore belonging to PACL, its associated entities, and individuals, both in India and abroad. The investigation by the ED began in 2016 and is based on a case registered by the Central Bureau of Investigation (CBI) in 2014 against PACL Limited, its promoter Nirmal Singh Bhangoo, and others. The CBI had filed the FIR following directions from the Supreme Court of India. According to the ED, the accused companies and individuals allegedly collected over ₹60,000 crore from lakhs of investors across the country under the pretext of selling and developing agricultural land. Investors were lured through schemes involving cash down payments and instalments, and were made to sign misleading documents such as agreements and powers of attorney. The agency further stated that in most cases, investors were never allotted any land, and nearly ₹48,000 crore remains unpaid. The main accused in the case, Nirmal Singh Bhangoo, passed away in August 2024. The ED has filed five charge sheets in the case so far and continues its investigation.