Jaipur, April 27 Directorate of Enforcement (ED), Delhi Zonal Office said on Sunday that they conducted a search operation in Rajasthan’s Jaipur, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing investigation involving M/s PGF Ltd.; M/s PACL Ltd.; their directors and others.
ED, in a statement, said that the searches were carried out on the basis of the FIR registered by the CBI, BSFC, New Delhi, under Sections 120-B and 420 of the IPC, 1860 against M/s PACL India Limited, M/s PGF Limited, Nirmal Singh Bhangoo and others.
“They were involved in operating fraudulent investment schemes to deceive investors. Through these schemes, PACL and its Directors defrauded investors of approximately Rs 48,000 crore,” said the ED.
The central investigating agency said that Harsatinder Pal Singh, son-in-law of Late N S Bhangoo, was arrested by the ED on March 2 and is currently in judicial custody.
“During the search, it was revealed that Shravan Singh Chauhan, Indra Singh, and their associates have been illegally occupying a property belonging of M/s. PACL since 2017 and operating a commercial venture thereby, generating illicit revenues and further misappropriating Proceeds of Crime ( POC) derived from the PACL Ltd. fraud, which had impacted investors nationwide,” it said.
The agency said that incriminating digital evidence and a luxury car owned by the illegal occupier were found and seized.
The central agency further added that the search marks a significant step in securing properties acquired through POC and reinforces the Directorate's commitment to ensuring justice for defrauded investors.
It added that further legal action is underway, and coordination with law enforcement agencies is being pursued for registering appropriate criminal cases against the involved individuals.
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