ED Attaches Gian Sagar Trust Properties Worth ₹1,595.85 Crore in PACL Fraud Probe
Babushahi Network Bureau
Chandigarh, June 1, 2026: In a major action under the Prevention of Money Laundering Act (PMLA), the Directorate of Enforcement (ED), Delhi Zonal Office, has provisionally attached 14 immovable properties belonging to Gian Sagar Educational & Charitable Trust, Ramnagar (Punjab), with a current market value of approximately ₹1,595.85 crore (excluding bank liabilities).
The attachment has been made under the provisions of the Prevention of Money Laundering Act, 2002, in connection with the ED's ongoing investigation into the alleged multi-crore investment fraud involving the collective investment scheme operated by M/s PACL Ltd. and its related entities.
According to the Enforcement Directorate, the investigation originates from an FIR registered by the Central Bureau of Investigation (CBI), New Delhi, under Sections 120-B and 420 of the Indian Penal Code pursuant to directions of the Supreme Court of India.
The ED stated that the CBI subsequently filed a charge sheet and a supplementary charge sheet against 33 accused individuals and companies for their alleged role in operating an illegal investment scheme.
As per the investigation, the accused entities allegedly mobilised more than ₹48,000 crore from lakhs of investors across the country under the guise of sale and development of agricultural land. Investors were reportedly induced to invest through cash-down and instalment payment plans and were made to sign various documents, including agreements and powers of attorney.
However, in most cases, the promised land was never delivered, while approximately ₹48,000 crore remains unpaid to investors, the agency said. Investigators have alleged that the scheme involved multiple front entities and reverse-sale transactions to conceal the fraud and generate unlawful gains.
The Enforcement Directorate recorded an ECIR in 2016 and filed a prosecution complaint in 2018. This was followed by six supplementary prosecution complaints in 2022, 2025 and 2026 against various accused persons and entities allegedly involved in money laundering. The Special Court under the PMLA has already taken cognisance of all the prosecution complaints filed so far.
The ED further stated that the 14 attached properties of Gian Sagar Educational & Charitable Trust have been identified as assets allegedly acquired from investor funds and therefore constitute "Proceeds of Crime."
According to the investigation, the land and infrastructure of the trust were allegedly financed using funds diverted from PACL, which had originally been collected from unsuspecting investors.
With the latest attachment, the ED said it has so far attached movable and immovable assets worth approximately ₹28,626 crore, including properties located in India and abroad, in connection with the PACL case.
Further investigation is continuing.