LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

PACL case: ED files charge sheet in Delhi court

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Sep 12, 2018
09:01 pm
PTI
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

The Enforcement Directorate on Wednesday filed a charge sheet against PACL Ltd and its director Nirmal Singh Bhangoo and others in a money laundering probe in the PACL ponzi scam case.

The charge sheet, filed before special judge Kiran Bansal, relates to the attached properties in Australia valued at Rs 472 crore belonging to the firm.

The ED's documents, filed by its special public prosecutor N K Matta, said that "illegal and fraudulent activities on the part of promoters of PGF and PACL have been revealed".

"They collected more than Rs 48,000 crore of funds from investors all over the country through a collective investment scheme in the garb of sale and development of agriculture land," the agency said.

The court has posted the matter for consideration on September 26.

The ED had earlier attached assets, including shares and an immovable property, worth Rs 472 crore in Australia in connection with the probe.

The central probe agency had registered a criminal case against the firm in 2015 after taking cognisance of a CBI FIR against the group, its directors and officials on allegations that "PGF and PACL collected funds from investors all over the country through a collective investment scheme in the garb of sale and development of agriculture land".

It said the properties provisionally attached by it under the Prevention of Money Laundering Act (PMLA) are in Australia and valued at about Rs 472 crore.

The agency said out of the funds (collected through the ponzi scheme), Ms PACL Limited "directly and through its 43 front companies (during the period 2009-2014) invested an amount of Rs 650 crore in its group company Ms PIPL which further invested these proceeds".

"Properties worth Rs 472 crore have been attached under the PMLA in the PACL ponzi scam operated by Nirmal Singh Bhangoo. The properties include MiiResorts Group 1 Pty Ltd and Sanctuary Cove properties in Australia," the agency said in a statement.

PACL is being probed by multiple agencies.

In December 2015, market regulator Sebi had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money due to investors.

PACL had raised Rs 49,100 crore from nearly five crore investors that it needs to refund along with promised returns, interest payout and other charges, as per a recent Sebi order.

An attachment order under the Prevention of Money Laundering Act (PMLA) is aimed at depriving the accused from taking benefits of their alleged ill-gotten wealth and an appeal against it can be filed by the affected party before the Adjudicating Authority of the Act within 180 days of the order.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Samsung Galaxy M62 launched - smartphone packs this massive feature; Check all details here

Sanya Malhotra-starrer 'Pagglait' to release on Netflix in March

7th Pay Commission Latest News: How pensioners will benefit from DA, TA, salary hike for central government employees?—EXPLAINED

This Rakesh Jhunjhunwala stocks portfolio is in the news - see strategy

CBSE class 10 Syllabus reduced in this subject: Attention students! CBSE board exam 2021 syllabus has been cut for social science subject; Know how to download

Facebook bans Myanmar military from its platforms with immediate effect

PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS

PNB Scam: Big win for India; serious setback for Nirav Modi as he loses extradition fight

7th Pay Commission latest news: These government employees retirement age hiked in this state; check who all benefitted

Mika Singh to perform with Salman Khan after four years

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved