ED conducts searches in Gurugram in the case of M/s PACL & others

New Delhi, March 27

Directorate of Enforcement (ED) has conducted search operations at three premises at Gurugram under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with the case of M/s PACL & others.
 

ED initiated investigation on the basis of FIR registered by CBI, BSFC, New Delhi, under Sections 120-B and 420 of the IPC, 1860 against M/s PACL India Limited, M/s PGF Limited, Nirmal Singh Bhangoo and others. They were involved in operating fraudulent investment schemes to deceive investors. Through these schemes, PACL and its Directors defrauded investors of approximately Rs. 48,000 crores, ED stated. 

The ED further informed that Harsatinder Pal Singh, son in law of late N S Bhangoo, was arrested on March 21. A search action was carried out at the premises of Barinder Kaur and Manoj Kumar. Manoj Kumar is a close associate of Harsatinder Pal Singh and Barinder Kaur. During the searches, significant evidence, including digital documents and property documents tied  to PACL and its family members were seized.