ED Cracks Down on High-Profile Leaders in Massive Rs 48,000 Crore Fraud Case

The Enforcement Directorate conducted extensive raids across multiple states in India targeting notable political figures in connection with the PACL investor fraud case. Allegations involve the unlawful collection and siphoning of funds exceeding Rs 48,000 crore by PACL directors. Assets have been seized and FIRs registered against key suspects.

The Enforcement Directorate (ED) launched a series of raids Tuesday at over 15 locations, including the properties of prominent Congress leader Pratap Singh Khachariyawas in Rajasthan and AAP leader Kulwant Singh in Punjab. These actions are part of an investigation into the Pearl Agro Corporation Limited (PACL) scam, implicating a massive Rs 48,000 crore investor fraud.

Sources within the ED confirmed that the searches comprise residential properties of the former Rajasthan Transport Minister and Mohali's AAP MLA. Additionally, the agency has filed a First Information Report against the late Nirmal Singh Bhangoo's associates, accusing them of illegally liquidating PACL's assets and related companies.

In previous operations, ED searched 44 locations nationwide linked to PACL, a company accused of illicitly amassing Rs 49,100 crore from investors. PACL misled the public with false land investment schemes. The investigation, initiated under the Prevention of Money Laundering Act by the CBI's FIR, exposed complex transactions funneled through shell companies and 'hawala' networks, notably transferring funds overseas. Noteworthy confiscations include properties in Australia and substantial assets in India.

The ED's inquiry has resulted in prosecution against 11 entities, entailing PACL and related companies, and the indictment of primary suspect Nirmal Singh Bhangoo and his associates. The saga continues as authorities delve deeper into unraveling the financial labyrinth and securing justice for millions defrauded.

(With inputs from agencies.)