Ponzi scam: ED attaches PACL group's property worth Rs 472-crore

The Enforcement Directorate (ED) on Monday said it has attached Rs 472-crore worth of properties, including one in Australia, belonging to the group of PGF Ltd and PACL Ltd, which is accused of duping scores of investors.

The group, according to Securities and Exchange Board of India (SEBI), had collected Rs 49,100 crore over a period of 15 years from investors through a collective investment scheme in the garb of sale and development of agriculture land.

In this regard, a case was registered by the Central Bureau of Investigation (CBI) for acts of criminal conspiracy and cheating.

Based on this, an investigation was initiated by the ED for committing the offence under Section 3 of Prevention of Money Laundering Act (PMLA).

Further investigation is underway.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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