ED Attaches Gian Sagar Trust Assets Worth ₹1,596 Crore in PACL Scam Probe
New Delhi: In a major crackdown on alleged investment fraud, the Enforcement Directorate (ED) has provisionally attached 14 immovable properties belonging to the Gian Sagar Educational & Charitable Trust in Punjab, with a current market value of ₹1,595.85 crore, excluding bank liabilities.
The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of the ED's ongoing investigation into the multi-crore collective investment scheme fraud allegedly operated by M/s PACL Ltd. and its related entities.
The attached properties are located at Ramnagar in Punjab. Officials said the attachment is linked to efforts to trace and secure assets allegedly connected to the PACL scam, one of the country's biggest investment fraud cases.
With this latest action, the ED has attached movable and immovable assets worth approximately ₹28,626 crore so far. The attached properties include assets located both in India and abroad as investigators continue to pursue the money trail and recover proceeds of crime linked to the scam.
The PACL case involves allegations of collecting thousands of crores of rupees from investors through illegal collective investment schemes, affecting millions of depositors across the country.
