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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.
During the investigation, ED found that PIPL further invested proceeds of crime worth Rs 147.38 crore in 2010 for acquiring 50 per cent of shares of Miiresorts Group 1 Pty Ltd and Rs 459.23 crore from 2009 to 2014 for acquiring 99.24 percent shares of an Australian company Miigroup Holdings Pty Ltd.
The investigation agency also found that PIPL further invested Rs 147.38 crore in Miiresorts Group 1 Pty Ltd for acquiring 50 per cent of shares and Rs 25.07 crore were remitted to Australia to Hicky Lawyers Trust for purchase of immovable property (Sanctuary Cove Properties).
The Miiresorts Group 1 Pty Ltd purchased Sheraton Mirage Hotel for a price of approximately 62.5 million Australian Dollars through the fund received from PIPL and sold the same to Australian Wattle Development Pty Ltd and the proceeds of sale (AUD 87.37 million equivalents to Rs. 447 crores) by the order of the Federal Court of Australia.
This fund were received by McCullough Robertson Lawyers and invested in an interest bearing account with an Australian trading bank. The said proceeds of sale and Sanctuary Cove Properties have been attached.

“The two Australian companies namely Miiresorts Group 1 Pty Ltd and Miigroup Holdings Pty Ltd are controlled by Nirmal Singh Bhangoo and his family members’, the ED stated.
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