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Ponzi scam: ED attaches PACL group's property worth Rs 4.72 bn

Sebi had collected Rs 491 billion over a period of 15 years from investors through a collective investment scheme in garb of sale and development of agriculture land

ANI  |  New Delhi 

Ponzi scam: ED attaches PACL group's property worth Rs 4.72 bn

The (ED) on Monday said it has attached Rs 4.72 billion worth of properties, including one in Australia, belonging to the group of and PACL Ltd, which is accused of duping scores of investors.

The group, according to Securities and Exchange Board of (SEBI), had collected Rs 491 billion over a period of 15 years from investors through a collective investment scheme in the garb of sale and development of

In this regard, a case was registered by the (CBI) for acts of criminal conspiracy and cheating.

Based on this, an investigation was initiated by the ED for committing the offence under Section 3 of Prevention of Money Laundering Act (PMLA).

Further investigation is underway.

First Published: Mon, January 08 2018. 19:05 IST
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