Image is for representational purposes only. Photo: X/@dir_ed
The Enforcement Directorate has provisionally attached 37 properties worth around ₹1,986.48 crore in connection with a case of alleged embezzlement of over ₹48,000 crore by PACL Limited and others.
They are located in Punjab’s Ludhiana and Rajasthan’s Jaipur, the agency said on Monday (January 26, 2026). The total value of seizure in the case so far stands at about ₹ 7,589 crore, including properties located abroad.
The ED probe is based on a first information report registered by the Central Bureau of Investigation on February 19, 2014.
According to the agency, the accused entities and individuals operated an illegal collective investment scheme, fraudulently mobilizing more than ₹60,000 crore from thousands of investors across India under the guise of selling and developing agricultural land.
“Investors were forced to invest through cash advance payments and installment plans and were made to sign misleading documents, including agreements, powers of attorney and other instruments. In most cases, no plots were ever delivered and about ₹48,000 crore remained unpaid to investors. The scheme involved using multiple fronts and generating fraudulent reverse sales transactions and concealing the transactions,” he said.
As stated, the embezzled funds were routed through various related and unrelated entities and were ultimately credited to the bank accounts of the then group head, late Nirmal Singh Bhangoo, his family members and associates and related entities of PACL. These were subsequently used to acquire real estate in their names.
During the investigation, unlimited arrest warrants were issued against Bhango’s wife Prem Kaur, their daughters, Barinder Kaur and Sukhwinder Kaur, the son-in-law of Gurpratap Singh, a close associate of Prateek Kumar.
The ED registered a case under the Prevention of Money Laundering Act in 2016 and filed a prosecution in 2018, followed by two supplementary prosecutions in 2022 and 2025 against the accused persons and entities. The Special Court took cognizance of all the complaints.
Published – 26 Jan 2026 15:06 IST
