ED Cracks Down on PACL Ponzi Scheme: Son-in-law Arrested

The Enforcement Directorate has arrested Harsatinder Pal Singh Hayer, son-in-law of late PACL promoter Nirmal Singh Bhangoo, in a money laundering probe linked to a Rs 48,000 crore Ponzi scheme. Hayer allegedly diverted funds to Australian companies, defying a Supreme Court order. ED has seized assets worth Rs 706 crore.

The Enforcement Directorate (ED) has made a significant breakthrough in a massive Ponzi scheme investigation by arresting Harsatinder Pal Singh Hayer, the son-in-law of PACL promoter, Nirmal Singh Bhangoo. This arrest is part of an inquiry into money laundering activities linked to an estimated Rs 48,000 crore fraud scheme.

Hayer, taken into custody on Friday, is accused of playing a pivotal role in diverting funds through multiple companies associated with PACL, including some based in Australia. The agency revealed that substantial sums, amounting to Rs 657.18 crore from PACL's 'proceeds of crime,' were funneled into these overseas entities under his control.

Further actions include the attachment of assets worth Rs 706 crore by the ED, as well as filing two chargesheets against key figures involved in the scheme. The Supreme Court's appointed Justice Lodha Committee is overseeing the restitution process for investors. Nirmal Singh Bhangoo, PACL's promoter, passed away last year.

(With inputs from agencies.)