Friday, Mar 29 2024 | Time 17:39 Hrs(IST)
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India


ED files prosecution complaint in PACL case

New Delhi, Sep 12 (UNI) Enforcement Directorate filed prosecution complaint in Delhi Tis Hazari Court against PACL company, director Nirmal Singh Bhangoo and others in respect of attached properties in Australia valued at Rs 472 crore belonging to this company, an official release said here on Wednesday.
The central probe agency revealed illegal and fraudulent activities on the part of promoters and Directors of another company PGF Ltd and PACL company. 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.
“Out of the collected funds from the investers, PACL Ltd invested the proceeds of crime worth Rs 164 crore in Pearls Infrastructure Projects Limited (PIPL) for acquiring 25.37 per cent shares and the remaining 74.63 shares of PIPL were acquired indirectly by PACL through its 43 front companies for an investment of Rs. 493.18 crore. Thus in total PIPL received Rs. 657.18 crore from PACL during the period 2009 to 2014 and is an associate company of PACL”, the probe agency said.
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