The Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 185 crore and bank balances amounting to Rs 7.51 crore belonging to DDPL Global Infrastructure Private Limited (DDPL) and others on money laundering charges in a case linked to PACL India Ltd.
Besides DDPL, assets of Unicorn Infraprojects and Estates Private Limited and Brightview Projects and Estates Private Limited have also been attached under Prevention of Money Laundering Act (PMLA).
PACL had 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. PACL was doing business of real-estate and sale of agricultural land in the country through their agents and local office. PACL got double benefit by creating easy equity for procurement of land and later taking the benefit on the appreciation of the land prices.
The ED probe revealed that PACL transferred Rs 101 crore (out of the investors’ money) in Dhanashree Developers Private Limited, out of which Rs 26 crore was transferred to DDPL. Further, PACL transferred Rs 2,285.79 crore to one Prateek Kumar who invested Rs 94.61 crore in DDPL and Unicorn. PACL also transferred Rs 110.95 crore in Systematix Venture Capital Trust through its 25 front companies, which was invested in DDPL and Unicorn in form of Optionally Fully-Convertible Debentures (OFCD) and equity, the ED saidin a statement.
With PACL funds, DDPL and Unicorn purchased land parcels at Vasai, Palgarh, Maharashtra. The two companies also entered into various agreements with different entities for sale of FSI and construction of residential-cum-commercial projects and generated huge profits.
“At this stage of investigation, land ad-measuring 3,39,984.2 square meters at Vasai and bank balances amounting to Rs 7,51,78,480 have been attached,” the agency added.