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ED Attaches ₹54.32 Crore in Overseas Assets in ₹5,000 Crore Pan Card Club Fraud Probe

The Enforcement Directorate's latest action targets 30 properties in the US, UAE, and Thailand linked to diverted funds from an unauthorized investment scheme defrauding 5.1 million investors.

PCL case: ED attaches assets worth ₹54 crore in Thailand, USA, UAE

Overview

  • The Enforcement Directorate provisionally attached 30 overseas assets worth ₹54.32 crore under the Prevention of Money Laundering Act (PMLA).
  • The properties, located in the US, UAE, and Thailand, were linked to Panoramic Universal Ltd (PUL) and the late Sudhir Moravekar, the scheme's alleged mastermind.
  • Investigators revealed that Pan Card Ltd (PCL) defrauded 5.1 million investors of over ₹5,000 crore through unauthorized collective investment schemes between 1997 and 2017.
  • Approximately ₹99 crore in proceeds of crime were diverted to PUL and Moravekar's family accounts, with further misuse of ₹100 crore in unreported overseas direct investments.
  • The ED's probe highlights systemic regulatory evasion, including unapproved investment schemes and unreported asset acquisitions in New Zealand, the US, UAE, Thailand, and Singapore.