The particular court docket has directed the Judicial Lodha Committee to return 282 properties value round Rs 9,420.57 crore seized by the Enforcement Directorate (ED) within the PACL Restricted case with a view to returning funds to defrauded buyers.
The company to this point has property value almost Rs 28,626 crore in India and Australia. These property are held within the identify of PACL Restricted, its group/associates and relations/associates of the late Nirmal Singh Bangu, together with Varinder Kaur (daughter), Harsatinder Pal Singh Hayer (son-in-law), Sukhwinder Kaur (daughter), Gurpartap Singh (son-in-law) and Prem Kaur (spouse).
The ED probe relies on a case registered by the Central Bureau of Investigation (CBI) in opposition to the corporate and its promoters for allegedly duping buyers to the tune of lakhs. The defendants collected over Rs 68,000 crore from buyers throughout India within the identify of funding schemes, of which Rs 48,000 crore remained unpaid.
The Supreme Courtroom in February directed the Securities and Trade Board of India (SEBI) to represent a committee headed by former Chief Justice of India Justice RM Lodha (retired). The court docket directed that PACL’s property be disposed of and that the sale proceeds be used to refund buyers.
The ED arrested Mr. Hayer and secured non-bailable warrants in opposition to Mr. Varinder and Mr. Prem Kaur. The company introduced {that a} case underneath the Fugitive Financial Offenders Act has been initiated in opposition to Sukhwinder Kaur and Gurpartap Singh.
