New Delhi: The Directorate of Enforcement’s (ED) Delhi zonal office has filed a Supplementary Prosecution Complaint (SPC) against Harsatinder Pal Singh Hayer and others before the special PMLA court, New Delhi, in connection with the massive Rs 48,000 crore PACL investment scam.
The SPC was filed on May 17, and the court took cognisance of the matter on June 9, the ED said in a press release here on Tuesday.
The case had been filed as a result of an FIR by the Central Bureau of Investigation (CBI), BSFC, New Delhi, under Sections 120-B and 420 of the Indian Penal Code, alleging that PACL Ltd., PGF Ltd., their directors, including N.S. Bhangoo and others ran fraudulent investment schemes that duped lakhs of investors across India, the release stated.
According to the press release, the ED’s investigation revealed that PACL diverted investor funds to various shell and associate companies, including M/s. MDB Housing Complex Pvt. Ltd., which was controlled by Harsatinder Pal Singh Hayer, the son-in-law of the late Bhangoo. The agency alleged that this diversion was an attempt to launder illicit proceeds by disguising them as legitimate business income.
Hayer, who was arrested by the ED on March 21, is currently in judicial custody. Investigators have identified that between 2011 and 2014, he purchased multiple immovable properties in Mumbai, Punjab, and Haryana using proceeds from the scam, the release said. Despite the known tainted origin of these funds, Hayer continued to possess, use, and present these properties as legally acquired assets, it added.
Moreover, the ED discovered evidence of Hayer’s involvement in international money laundering, the press release said. As a director in PACL’s associate firms in Australia — including Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd — he allegedly facilitated the illicit transfer and parking of Rs 657.18 crore overseas. These funds were used to acquire properties in Australia, which have since been attached, said the ED. The details of these assets have been submitted to the Justice Lodha Committee, which was set up by the Supreme Court to oversee asset recovery and restitution to investors, the ED added.
This latest SPC follows two earlier prosecution complaints filed by the ED against PACL, Bhangoo, and other key accused. Authorities have affirmed that further investigation is underway to trace the full extent of the money trail and recover additional assets acquired through the proceeds of crime. The PACL case is one of the largest investment frauds in India, affecting millions of small investors.
(IANS)
