PACL India Ltd case: ED attaches assets worth Rs 192 cr
May 20, 2022
New Delhi [India], May 20 : The Enforcement Directorate (ED) has attached assets worth approximately Rs 192 crore in the PACL India Limited case, the agency said on Friday.
These assets include immovable assets in the form of land ad-measuring 3,39,984.2 square meters valued at approximately Rs 185 crores (as per government rates) and movable assets amounting to Rs 7,51,78,480 in the form of bank balances belonging to DDPL Global Infrastructure Private Limited (DDPL), Unicorn Infraprojects and Estates Private Limited (Unicorn) and Brightview Projects and Estates Private Limited.
The assets were attached under the Prevention of Money Laundering Act, 2002 in the case of PACL India Limited and others.
PACL India Limited (PACL) collected money from the public under different schemes for allotting plots in different parts of the country or giving an option to take back their expected tentative value of land in lieu of the allotted plot under the scheme on maturity, said the ED in a statement.
PACL was doing business of the real-estate and sale of agricultural land in the country through their agents and local office, said the ED, adding "PACL got double benefit by creating easy equity for procurement of land and later taking the benefit on the appreciation of the land prices".
"PACL had collected amounts running into several crores from investors all over India. An investigation has established that directors of PACL siphoned off amounts received from investors and utilised the same for personal gains by investing in various entities."
Investigation by ED revealed that PACL transferred Rs 101 Crores (being investors' money) in Dhanashree Developers Private Limited, out of which Rs 26 crores were transferred to DDPL Global Infrastructure Private Limited, said the ED.
Further, the federal agency said, PACL transferred Rs 2285.79 crore to one Prateek Kumar who invested Rs 94.61 crores in DDPL and Unicorn.
"PACL also transferred Rs 110.95 crores in Systematix Venture Capital Trust through its 25 front companies, which was invested in DDPL and Unicorn in form of OFCD and equity," the Central agency said.
With the funds received from PACL through various channels, the ED further said DDPL and Unicorn purchased land parcels at Vasai in Maharashtra's Palgarh district.
"DDPL and Unicorn entered into various agreements with different entities for sale of FSI and construction of residential cum commercial projects; from which the two entities generated huge profits."
Investigation by ED also revealed that the shareholding of DDPL and Unicorn was changed frequently in order to legitimize the funds received from PACL and to ensure that the assets are not taken over and given to investors, said the agency.
"The scheme has been cleverly designed to obscure the actual beneficiary of the land and shares to avoid investigation by government agencies," the ED said.
The shareholders of DDPL and Unicorn Hemant Patil and Dharmesh P. Shah have claimed over these assets without ever actually investing any substantial funds in the companies, it added.
