ED attaches fresh PACL assets worth over Rs 1,986 crore
New Delhi (PTI): The Enforcement Directorate (ED) on Monday said it has attached fresh properties worth over Rs 1,986 crore as part of its money laundering investigation against Chandigarh-based PACL (Pearls Group), accused of orchestrating a Rs 48,000 crore Ponzi scheme.
The latest action has taken the total value of assets attached so far in the case to Rs 7,589 crore.
In a statement, the agency said it has provisionally attached 37 immovable properties, located in Punjab's Ludhiana and Jaipur in Rajasthan, valued at Rs 1,986.48 crore, under the Prevention of Money Laundering Act (PMLA).
A part of the alleged illicit funds generated from this fraud was used for the acquisition of these 37 assets, it said.
The ED probe stems from a CBI case against PACL Ltd, its late promoter Nirmal Singh Bhangoo and some others.
Bhangoo died in August 2024.
The accused entities and individuals of PACL operated an "illegal" collective investment scheme, fraudulently mobilising over Rs 60,000 crore from lakhs of investors across India under the guise of sale and development of agricultural land, as per the ED.
Investors were induced to invest through cash down payment and instalment payment plans and were made to sign "misleading" documents, including agreements, powers of attorney, and other instruments, it said.
"In the majority of cases, no land was ever delivered, and approximately Rs 48,000 crore remains unpaid to investors," the agency said.
Three charge sheets have been filed by the ED till now as part of this case registered in 2016.
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Pro-chancellor of St Aloysius University, Fr Melwin J Pinto SJ passes away at 63
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Mangaluru: Fr Melwin J Pinto SJ, Pro-chancellor of St Aloysius University Rector of St Aloysius Institutions, and Vice President of Mangalore Jesuit Educational Society (MJES), breathed his last on Friday, April 10. He was 63.
Born in 1963, Fr Melwin Pinto completed his schooling and college education at St Aloysius before joining the Jesuit order on June 20, 1981. He was ordained as a Jesuit priest on April 14, 1997.
Over the years, he held several academic qualifications, including an MA in English, a Master’s degree in Education, and diplomas in psychology and counselling as well as school administration.
He began his career in education as headmaster of St Joseph’s Primary School and High School in Hassan, serving between 1996 and 1999.
He later founded St Joseph’s Indian PU College and served as its principal until 2007. He subsequently served as headmaster of St Aloysius High School, Mangaluru, from 2007 to 2011, and later as principal of St Joseph’s PU College, Hassan, until 2012.
Fr Melwin Pinto also worked with Vatican Communications and Radio in Rome, contributing to its English desk for Asia and Indian languages.
He later served as superior and director of Fatima Retreat House in Valencia for two years from May 2017, before being appointed as superior of the Jesuit study home ‘Vidyaniketan’ in Dharwad.
He was also closely associated with the development of St Aloysius Institutions and played a key role in securing the status of a Deemed-to-be University. His contribution to the education sector and efforts towards innovation were widely acknowledged. He was known for maintaining close relations with people from all sections of society.
Legislative Council MLA Ivan D’Souza, in a statement, said the demise of Fr Melwin J Pinto was a huge loss to the educational and religious fields and had created a significant void in society.
Dakshina Kannada District in-charge Minister Dinesh Gundu Rao also expressed grief, stating that his service and contributions to education would always be remembered.
Details regarding the funeral are yet to be announced.
