ED Cracks Down: High-Profile Arrest in Rs 48,000 Crore Pearls Scam

The Enforcement Directorate has detained Harsatinder Pal Singh Hayer, linked to a massive fraud involving PACL Limited, known as Pearls. Charged under money laundering laws, Hayer's involvement includes illegal fund diversions to Australian entities. The case has seen substantial properties seized in India and Australia as investigations deepen.

The Enforcement Directorate (ED) has made a significant arrest in the massive Rs 48,000 crore fraud case involving PACL Limited, also known as Pearls. Harsatinder Pal Singh Hayer, son-in-law of the late Nirmal Singh Bhangoo, the former Pearls group chief, was taken into custody under the Prevention of Money Laundering Act (PMLA), 2002, according to an official statement released on Saturday.

Hayer's arrest followed comprehensive investigations by ED's Delhi zonal office. Initially launched after a First Information Report (FIR) by the Central Bureau of Investigation (CBI), the undertakings were said to have deceived numerous investors with fraudulent investment schemes. The investigations revealed illegal fund diversions to Australian entities controlled by Hayer, amounting to Rs 657.18 crore.

As the investigation deepens, authorities have attached properties both in India and Australia and informed the Justice Lodha Committee for further proceedings. The fast-paced developments in the case continue as more prosecution complaints are filed against Nirmal Singh Bhangoo, PACL, and others involved in the fraudulent operations.

(With inputs from agencies.)