PACL case: ED facilitates restitution of 455 properties worth ₹15,582 crore to Justice Lodha Committee

The Enforcement Directorate has facilitated the return of 455 immovable properties, currently valued at around 15,582 crore, to the Justice Lodha Committee, as per a special court directive in the PACL case. The move aims to return funds deposited by thousands of victims in a fraud scheme allegedly operated by the group.

During the current financial year, the agency has seized assets worth around 26.324 billion Indian rupees, taking the total seizure in the case to 27.030 billion Indian rupees. They include properties located in both India and Australia.

The attached assets are held in the name of PACL Limited, its group/associate entities and family members or associates of late Nirmal Singh Bhangoo (group chairman); these include his wife Prem Kaur, daughter Barinder Kaur, son-in-law Harsatinder Pal Singh Hayer, another daughter Sukhwinder Kaur and son-in-law Gurpartap Singh.

The ED investigation was conducted by the Central Bureau of Investigation (CBI) against PACL Ltd. and based on the First Information Report registered against his supporters. The accused raised more than ₹68,000 crore from investors across the country through a large-scale illegal collective investment scheme. Approximately ₹48,000 crore remained unpaid to investors.

“The scheme was structured through cash down payments and installment-based plans, where investors were encouraged to sign misleading documents such as agreements, special powers of attorney and other documents. In many cases, registration/allocation letters were issued without ownership of the underlying land, leading to large-scale fraud,” the agency said.

In February 2016, the Supreme Court had directed the Securities and Exchange Board of India to constitute a committee headed by former Chief Justice of India RM Lodha. The court directed that PACL’s land and assets be disposed of and the sale proceeds be used to return it to investors. Accordingly, the Justice Lodha Committee was constituted to oversee the liquidation and return of such assets.

ED filed a prosecution complaint in the case in September 2018. An investigation has been initiated against Sukhwinder Kaur and Gurpartap Singh under the Fugitive Economic Offenders Act. The agency said that while it arrested Harsatinder Pal Singh Hayer, non-bailable arrest warrants were issued by the court against Barinder Kaur and Prem Kaur.