The Enforcement Directorate (ED) on Wednesday filed chargesheet at a designated court here against PACL and its Directors Nirmal Singh Bhangoo and others in a money laundering case relating to a Ponzi scam worth over Rs 48,000 crore.
The ED report filed in the court relates to attachment of properties in Australia worth Rs 472 crores belonging to accused firm PACL Ltd.
The ED probe has revealed illegal and fraudulent activities on the part of Promoters/Directors of PACL and group company PGF. These firms collected funds over Rs 48,000 crores from the investors all over the country through a collective investment scheme in the garb of sale and development of agriculture land.
Out of this fund, PACL invested the ‘proceeds of crime’ worth Rs 164 crore in group firm Pearls Infrastructure Projects Limited (PIPL) for acquiring 25.37 per cent shares and the remaining 74.63 per cent shares of PIPL were acquired indirectly by PACL through its 43 front companies for an investment of Rs 493.18 crore. PIPL received Rs 657.18 crore from PACL during the period 2009 to 2014.
‘PIPL further invested proceeds of crime worth Rs 147.38 crore in 2010 for acquiring 50 per cent of shares of Miiresorts Group 1 Pty Ltd and Rs 459.23 crore from 2009 to 2014 for acquiring 99.24 per cent shares of Miigroup Holdings Pty Ltd, Australia; which further invested Rs 147.38 crore in Miiresorts Group 1 Pty Ltd for acquiring 50 per cent of shares. Rs 25.07 crores were remitted to Australia to Hicky Lawyers Trust for purchase of immovable property (Sanctuary Cove Properties),’ the ED said in a statement.
In May 2010, Miiresorts Group 1 Pty Ltd purchased Sheraton Mirage Hotel for a price of approximately 62.5 million and sold the same to Australian Wattle Development Pty Ltd and the proceeds of sale (AUD 87.37 million equivalent to Rs 447 crores) by the order of the Federal Court of Australia were received by McCullough Robertson Lawyers and invested in an interest bearing account with an Australian trading bank.