COURTKUTCHEHRY SPECIAL ON ED’s ACTION IN PEARL SCAM
ED Issues Biggest-Ever Attachment Order Worth ₹10,000 Crore in PACL Ponzi Scam
247 properties seized in Punjab as part of ₹48,000 crore fraud probe
Millions of investors lost savings in one of India’s largest financial scams
By Legal Reporter
New Delhi: February 19, 2026:
In a landmark move, the Enforcement Directorate (ED) has issued its largest-ever attachment order, seizing 247 immovable properties worth over ₹10,000 crore in connection with the PACL Ltd. Ponzi scheme. The order, passed under the Prevention of Money Laundering Act (PMLA), 2002, marks a major step in the ongoing investigation into one of India’s biggest financial frauds, which duped millions of small investors across the country.
Background of the PACL Scam
- PACL Ltd., also known as Pearls Group, was accused of running a massive collective investment scheme without proper regulatory approval.
- The company lured investors with promises of high returns from investments in agricultural land.
- Investigations revealed that PACL had collected nearly ₹48,000 crore from over 5.5 crore investors, making it one of the largest Ponzi scams in India.
- The Supreme Court of India had earlier directed the CBI and ED to investigate the case, leading to multiple arrests including PACL’s late promoter Nirmal Singh Bhangoo.
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ED’s Latest Action
- The ED has provisionally attached 247 immovable properties valued at ₹10,021.46 crore.
- These properties are in SAS Nagar, Rupnagar, Zirakpur, and Mohali (Punjab).
- Officials confirmed this is the highest single attachment order in terms of both value and number of properties.
- The assets were allegedly acquired using funds collected from investors under fraudulent schemes.
Impact on Investors
- More than 5.5 crore investors, many of them small farmers, daily wage earners, and middle-class families, lost their life savings in the PACL scheme.
- The SEBI-appointed committee, headed by Justice R.M. Lodha, has been tasked with selling PACL’s assets and refunding investors.
- Till now, refunds have been processed for smaller claims, but larger claims remain pending due to the complexity of asset liquidation.
- The ED’s attachment order is expected to aid in recovery and eventual repayment to affected investors.
Why This Matters
- Investor Protection – The case highlights the vulnerability of small investors to fraudulent schemes and the need for stronger regulatory oversight.
- Legal Precedent – The attachment order sets a benchmark for future enforcement actions in large-scale financial frauds.
- Public Confidence – Swift and decisive action by agencies like ED helps restore faith in the financial system.
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Expert Views
Legal experts believe the ED’s move will accelerate the process of refunding investors, though challenges remain in liquidating attached properties. Financial analysts stress that the PACL case is a reminder of the importance of due diligence before investing in schemes promising unusually high returns.
Conclusion
The ED’s attachment of properties worth over ₹10,000 crore in the PACL case is a major milestone in India’s fight against financial fraud. While millions of investors continue to await justice, this action strengthens the possibility of recovery and repayment. The case also serves as a cautionary tale, urging investors to remain vigilant against Ponzi schemes and fraudulent investment offers.
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