ED: Gullible investors cheated of Rs 48000 crore, purchase of real estate in australia from proceeds of crime by cleansing tainted properties

The Enforcement Directorate (ED), delhi Zonal office has now filed a supplementary prosecution complaint (SPC) against accused Harastinder Pal Singh Hayer and others before the Special court (PMLA), New Delhi on May 17 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with the ongoing investigation against M/s PACL, its directors and others.

Gullible investors were cheated of Rs 48000 crore. Real estate was purchased in many places including Australia fromproceeds of crime by cleansing tainted properties. The Enforcement Directorate (ED), delhi Zonal office has now filed a supplementary prosecution complaint (SPC) against accused Harastinder Pal Singh Hayer and others before the Special court (PMLA), New Delhi on May 17 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with the ongoing investigation against M/s PACL, its directors and others. The same has been taken cognizance of by the Special court (PMLA) on june 9.The ED initiated the investigation based on FIR registered by CBI, BSFC, New Delhi under Sections 120-B and 420 of the IPC, 1860 against M/s PACL, M/s PGF Ltd, NS Bhanghu, and others.They were involved in operating fraudulent investment schemes worth Rs 48,000 crore to defraud investors.

Let us tell you that Harastinder Pal Singh, son-in-law of late NS Bhanghu, was arrested by the ED on march 21 this year. He is still in judicial custody. ED investigation has revealed that funds collected by M/s PACL were diverted to an entity like M/s MDB Housing Complex Pvt Ltd controlled by Harastinder Pal Singh Hayer with the objective of concealing the illegal source of funds and presenting the tainted properties as clean properties and claiming them.

Further, several immovable properties situated in Mumbai, Punjab, andHaryana were purchased by Harastinder Pal Singh Hayer in his name from the funds collected by M/s PACL from gullible investors during the period2011-2014.This was nothing but the proceeds of crime (POC). Even though these properties were purchased from POC, Harastinder Pal Singh Hayer deliberately continued to possess, use, claim, and present these properties as clean properties in his name.

During the PMLA investigation, it was found that Harastinder Pal Singh Hayer, Director in several sister companies of M/s PACL including M/s Pearls Australasia Pvt Ltd and M/s Australasia Mirage I-Pvt Ltd in australia, played a key role in the illegal transfer of Rs 657.18 crore abroad and parking of funds. These POCs were used to purchase immovable properties in Australia. The details of these attached properties have been submitted to the supreme Court-appointed Justice lodha Committee for disposal of the assets and reimbursement to the affected investors. Further, the ED has already filed two prosecution complaints in the case against M/s PACL, NS Bhanghu, and others.