New Delhi, Sep 19 (IANS): The ED, Delhi Zonal Office, has provisionally attached equity shares of M/s Industrial Investment Trust Limited held by M/s N. N. Financial Services Private Limited, having a current market value of Rs 42.13 crore, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The action was taken in connection with the ED’s ongoing investigation into a large-scale financial fraud involving a collective investment scheme allegedly operated by M/s PACL Ltd. and its related entities.
The ED initiated the investigation based on an FIR registered by the Central Bureau of Investigation (CBI), New Delhi, under Sections 120-B and 420 of the Indian Penal Code. Subsequently, the CBI filed a charge-sheet and a supplementary charge-sheet against 33 accused people for their alleged roles in running an illegal investment scheme.
According to the charge-sheets, the accused entities and individuals operated a large-scale illegal collective investment scheme and fraudulently mobilised more than Rs 48,000 crore from lakhs of investors across India on the pretext of selling and developing agricultural land.
Investors were induced to invest through Cash Down Payment and Instalment Payment Plans and were made to sign misleading documents, including agreements, powers of attorney and other instruments. In most cases, the promised land was not delivered, leaving approximately Rs 48,000 crore unpaid to investors.
The ED recorded an Enforcement Case Information Report (ECIR) in the case in 2016 and filed a Prosecution Complaint in 2018. This was followed by six Supplementary Prosecution Complaints in 2022, 2025 and 2026 against various accused persons and entities involved in money laundering.
As part of the latest action, the ED has attached 29,46,341 equity shares of M/s Industrial Investment Trust Limited held by M/s N. N. Financial Services Private Limited. The shares were purchased for Rs 30.90 crore and had a current market value of Rs 42,13,26,763, valued at Rs 143 per share as of September 18.
The investigation revealed that the shares were financed using funds diverted from M/s PACL, which were originally collected from investors and constituted proceeds of crime.
With the latest attachment, the ED has so far attached movable and immovable properties worth approximately Rs 29,667.76 crore, including assets located in India and abroad.
Further investigation is underway.
