Overview

• The ED’s July 12 order freezes 68 immovable assets acquired in the names of late promoter Nirmal Singh Bhangoo, his relatives and PACL-linked entities.
• The seized properties total ₹762.47 crore and span four Indian states—Punjab, Haryana, Delhi, Maharashtra—and Australia.
• Investigators traced about ₹48,000 crore collected through SEBI-banned collective investment schemes over 18 years.
• Probe findings reveal that misappropriated funds were layered through shell companies, hawala channels and cross-border transfers to conceal their origin.
• The agency has moved to liquidate the attached assets under PMLA provisions to facilitate restitution for roughly 58 million defrauded investors.