Mumbai: The Enforcement Directorate (ED) attached immovable properties in Mumbai, Pune and Raigad (Maharashtra) worth Rs 567.45 crore in connection with a Rs 48,000 crore collective investment scheme operated by Pearls Agrotech Corporation Limited (PACL) for development of farm land, an official said on Thursday.
The PACL’s properties were attached by ED’s Delhi Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED has attached 48 immovable properties held in the names of Prateek Kumar, Ansh Prateek Kumar, and entities namely Beaming Infradevelopers, Ganraj Properties, and Greenfield Estates Limited, having a current market value of Rs 567.45 crore.
With this attachment, the ED has so far attached movable and immovable properties worth around Rs 30,235.21 crore, including assets located in India and abroad.
The ED’s investigation was initiated on the basis of an FIR registered by the Central Bureau of Investigation (CBI) in New Delhi under Sections 120-B and 420 of the Indian Penal Code, 1860, dealing with conspiracy and cheating.
Subsequently, the CBI filed a charge sheet and a supplementary charge sheet against 33 accused for their role in running an illegal investment scheme.
According to the charge sheets, the accused entities and individuals operated a massive illegal collective investment scheme, fraudulently mobilising more than Rs 48,000 crore from lakhs of investors across India under the pretext of sale and development of agricultural land.
Investors were induced to invest through cash down payment and instalment payment plans and were made to sign misleading documents such as agreements, powers of attorney and other instruments.
“In most cases, land was never delivered, resulting in unpaid investor dues of around Rs 48,000 crore,” the ED said.
The ED recorded an Enforcement Case Information Report (ECIR) in the case in 2016 and filed a charge sheet in 2018, followed by six supplementary charge sheets in 2022, 2025 and 2026 against the various accused.
“Prateek Kumar was arraigned as an accused (A-13) in the First Supplementary charge sheet dated August 20, 2022, filed in the case immediately, where cognisance was taken by the Special Court vide order dated September 19, 2022,” the ED added.
Subsequently, an open-ended Non-Bailable Warrant (NBW) was issued against Prateek Kumar by the Special Court on April 9, 2025.
These entities are beneficially owned and controlled by Prateek Kumar.
The investigation revealed that these immovable properties were purchased using funds diverted from PACL, which had originally collected money from gullible investors, thereby constituting proceeds of crime.
(IANS)
