Rs 48,000 crore scam: ED conducts searches at 15 premises in PACL money laundering case
The Directorate of Enforcement (ED) is conducting searches at 15 locations in connection with Pearl Agrotech Corporation Limited (PACL) and associate entities of late Nirmal Singh Bhangoo. The premises being searched include the Jaipur residence of former Rajasthan minister and Congress leader Pratap Singh Khachariyawas and AAP Mohali MLA Kulwant Singh’s house.
Read: ED raids former Rajasthan minister Pratap Khachariyawas’ residence
Read: Raid at AAP MLA’s Mohali house in Rs 48,000 crore Pearl Agro fraud
The searches are being conducted in the matter related to M/s PACL pertaining to investor fraud involving an amount of Rs 48,000 crore. Further, an FIR has also been registered against associates of the now deceased Bhangoo for illegally disposing of the properties of M/s PACL and associate entities.
Last month, the ED had arrested Harsatinder Pal Singh Hayer, the son-in-law of the former Pearls Group chairman and managing director Nirmal Singh Bhangoo, on money laundering charges. The case is based on an FIR registered by the Central Bureau of Investigation against PACL India, PGF Limited, Nirmal Singh Bhangoo (who died in August 2024), 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,” the anti-money laundering agency had said.
According to the ED, Hayer was a director in several associate companies of PACL Limited, including two Australian entities — Pearls Australasia Pty Limited and Australasia Mirage I-Pty Limited. The PACL and its associates allegedly diverted Rs 657.18 crore of the Proceeds of Crime (POC) to the Australian entities controlled by Hayer.
These funds were then invested by the Australian companies in various real estate properties in Australia.
“Further, Harsatinder Pal Singh Hayer was also dissipating the properties (POC) of PACL and its related entities in violation of the Supreme Court order dated July 25, 2016,” the ED had said in March.
In this case, the ED has already attached two immovable properties in Australia valued at Rs 462 crore and various movable and immovable properties worth Rs 244 crore in India.
Delhi