Court orders return of assets worth ₹9,420.57 crore to Justice Lodha Committee in PACL case

A special court has ordered the restitution of 282 immovable properties worth around ₹9,420.57 crore that the Enforcement Directorate (ED) in the PACL Limited case had allotted to Justice Lodha Committee to refund funds to investors who were defrauded.

The agency has so far attached properties worth nearly ₹ 28,626 crore in India and Australia. These assets are held on behalf of PACL Limited, its groups/affiliates and family members/associates of late Nirmal Singh Bhangoo including Barinder Kaur (daughter), Harsatinder Pal Singh Hayer (son-in-law), Sukhwinder Kaur (daughter), Gurpartap Singh (son-in-law Kaurwife).

The ED probe is based on a case registered by the Central Bureau of Investigation (CBI) against the company and its backers for allegedly defrauding millions of investors. The accused mobilized over ₹68,000 crore from investors across India on the pretext of investment schemes, of which ₹48,000 crore remained unpaid.

In February, the Supreme Court directed the Securities and Exchange Board of India (SEBI) to set up a committee under the chairmanship of Justice (Retired) RM Lodha, former Chief Justice of India. The court ordered that PACL’s assets be liquidated and the proceeds of the sale be used to refund investors.

The ED arrested Mr. Hayer and secured warrants against Ms. Barinder and Ms. Prem Kaur. A case has been registered against Ms Sukhwinder Kaur and Mr Gurpartap Singh under the Fugitive Economic Offenders Act, the agency said.

Published – 09 Jun 2026 22:40 IST