Jaipur: The Enforcement Directorate (ED) on Tuesday conducted raids at multiple locations linked to former Rajasthan Minister and senior Congress leader Pratap Singh Khachariyawas in connection with the Rs 48,100 crore PACL scam.
The operation began around 5 a.m. at 19 locations, including Khachariyawas’s residence in Jaipur and other properties across the state.
The raids were being conducted by the Delhi team of ED, with local Jaipur units expected to join and assist shortly. According to ED sources, the action pertains to alleged money laundering and property investments linked to Rs 2,850 crore, reportedly transferred in the names of Pratap Singh and his family members.
A significant portion of the funds is suspected to have been diverted into real estate and other assets.
The PACL scam is one of India’s largest financial frauds, where over 5.85 crore investors across the country were duped of their money under the guise of real estate investments. In Rajasthan alone, approximately 28 lakh people had invested around Rs 2,850 crore in 17 years. The scam came to light following an investigation by SEBI, which deemed PACL’s investment schemes illegal and ordered the company to shut down its operations on August 22, 2014. Investors’ funds remained locked after the closure. In February 2016, the Supreme Court appointed a committee under the chairmanship of former Chief Justice R.M. Lodha to recover funds by auctioning PACL’s assets and refunding the affected investors with interest.
According to SEBI’s assessment, PACL owns assets worth Rs 1.86 lakh crore, four times the amount collected from investors.
Sources claim that Khachariyawas may be linked to transactions worth around Rs 30 crore in the scam. These allegations are currently under investigation, and ED officials state that a clearer picture of the extent of involvement and potential recovery will only emerge once the raids are completed.
The PACL case has triggered legal proceedings in several states, including Rajasthan, Bihar, Maharashtra, Madhya Pradesh, Assam, Karnataka, Andhra Pradesh, Punjab, and Chhattisgarh. The first FIR was filed in Jaipur after initial irregularities came to light.
The ED’s current action marks a major step in the ongoing investigation into the nationwide scam, aiming to trace and recover diverted investor funds and hold accountable those allegedly involved in laundering the proceeds, said officials.
Reacting to the raid, Khachriyawas said, “I did not get any notice from the ED earlier but got it only this morning when they came…There is no reason given for the raid in the notice.” He said he would cooperate with the team.
Meanwhile, a huge number of party workers were seen outside his residence, shouting slogans. Khachriyawas himself came out and stopped leaders from raising slogans.
Khachriyawas was a minister in the Gehlot government during his last tenure in Rajasthan. A legal team had reached his venue to assist him.
(IANS)
