3 min readNew DelhiMar 31, 2026 04:38 AM IST
THE DIRECTORATE of Enforcement (ED) on Monday said it has facilitated the restitution of 455 immovable properties worth about Rs 15,582 crore to Justice R M Lodha Committee in the financial fraud case against Pearls Agrotech Corporation Limited (PACL), marking a major step towards refunding duped investors.
The agency said the transfer has been carried out under the Prevention of Money Laundering Act (PMLA), 2002, to enable compensation to lakhs of investors affected by the alleged fraud.
According to the ED, attachments in the PACL case have now reached Rs 27,030 crore. Of this, properties worth Rs 26,324 crore were attached in the current financial year. The assets are located in India and overseas, including Australia, and are held in the names of PACL Ltd., its associate entities and members of the family of its late promoter Nirmal Singh Bhangoo. Those named in the case include his wife Prem Kaur, their daughters Barinder Kaur, Sukhwinder Kaur and sons-in-law Harsatinder Pal Singh Hayer and Gurpartap Singh.
The case stems from a 2014 FIR registered by the CBI, which alleged that PACL and PGF Ltd. ran an illegal collective investment scheme, mobilising over Rs 68,000 crore from investors across the country. Investigators say the scheme used misleading agreements and land allotment documents, often without actual ownership of land. The ED said nearly Rs 48,000 crore remains unpaid to investors.
In 2016, the Supreme Court in the Subrata Bhattacharya vs Securities and Exchange Board of India case, directed SEBI to set up a committee headed by former Chief Justice of India R M Lodha to oversee the sale of PACL’s assets and ensure refunds. The Lodha Committee has since been tasked with liquidating these assets and distributing proceeds to investors.
The ED, which registered its money laundering case in 2016, said its probe found that proceeds of crime were routed through a network of interconnected entities controlled by the Bhangoo family and associates, and used to acquire properties in India and abroad.
A prosecution complaint was filed by the agency in 2018 before a special PMLA court. Proceedings under the Fugitive Economic Offenders Act have also been initiated against Sukhwinder Kaur and Gurpartap Singh.
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The ED said it has arrested key accused, including Harsatinder Pal Singh Hayer, while non-bailable warrants have been issued against Barinder Kaur and Prem Kaur.
Calling the latest restitution a “significant step”, the agency said efforts are ongoing to trace additional assets and identify other beneficiaries to maximise recovery for investors.
