You are here: Home » Current Affairs » News » National
Business Standard

ED attaches Rs 4.72 bn assets in money laundering probe into ponzi scam

The ED had registered a criminal case against the firm in 2015 based on a CBI FIR against the group, its directors, and officials

Press Trust of India  |  New Delhi 

Stressed asset buyers may get relief from competition law, MAT

The on Monday said it has attached assets worth Rs 4.72 billion, including one in Australia, in connection with its probe in the PACL ponzi scam case.

The ED had registered a criminal case against the firm in 2015 based on a CBI FIR against the group, its directors, and officials.

"Properties worth Rs 4.72 billion have been attached under the Prevention of Act (PMLA) in PACL ponzi scam operated by Nirmal Singh Bhangoo. The properties include MiiResorts Group 1 Pty Ltd and Sanctuary Cove properties in Australia," it said.

PACL is being probed by multiple agencies.

Earlier, capital markets regulator SEBI had found it to have collected money from millions of investors allegedly through unauthorised collective investment schemes, also called ponzi schemes, in the name of

First Published: Mon, January 08 2018. 13:32 IST
RECOMMENDED FOR YOU