Mumbai, October 1, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has provisionally attached 211 immovable properties worth Rs 646.58 crore, including luxury hotels, resorts, commercial offices and land, in connection with an alleged Ponzi scheme operated by Pancard Clubs Limited and other entities linked to the Panoramic Group.
The properties are spread across Goa, Maharashtra, Kerala, Uttarakhand, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana and Dadra and Nagar Haveli, the ED said on Thursday.
According to the central agency, the accused allegedly established a network of 46 corporate entities to operate illegal investment schemes under the guise of “Sale of Room Nights” and timeshare holiday memberships. The schemes allegedly attracted more than 51 lakh investors across India by promising unrealistic returns.
The latest action was taken by the ED’s Mumbai Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets are held in the names of Pancard Clubs Limited (PCL), Panoramic Universal Limited, their subsidiaries, family members and beneficial owners.
The investigation began following an FIR registered by Mumbai’s Dadar Police Station, which was subsequently taken over by the Economic Offences Wing (EOW). The EOW filed a chargesheet before the Special Court under the Maharashtra Protection of Interest of Depositors Act in Mumbai on December 31, 2021.
The ED said its investigation revealed that PCL had allegedly collected Rs 9,577 crore from investors between 1997-98 and 2017-18. Of this amount, Rs 2,858 crore was reportedly returned to depositors, while Rs 2,332 crore was paid as agent commissions. The agency identified the remaining Rs 4,387 crore as alleged proceeds of crime retained or diverted by the accused entities and individuals.
The ED further alleged that funds were routed through shell companies, including Shagun Tradelinks Private Limited, and transferred to Panoramic Universal Limited and its domestic and overseas subsidiaries. The proceeds were allegedly used to acquire high-value properties, resorts and commercial units in India and abroad, held in the names of group companies, directors and their family members.
The agency also alleged that attempts were made to frustrate legal proceedings by transferring assets already attached by the Securities and Exchange Board of India (SEBI) and authorities under the MPID Act.
One such case involved a 7.03-hectare property in Kalhe village in Panvel, Raigad district, which was allegedly sold despite existing attachment orders. The ED said the transaction involved a forged Board resolution bearing the signature of a deceased director. It initiated provisional attachment proceedings under Section 5(1) of the PMLA to prevent further transfers.
In 2025, the ED had also provisionally attached 30 properties outside India, located in the United States, the UAE and Thailand, valued at Rs 54.31 crore. The attachment was confirmed by the PMLA Adjudicating Authority on September 9, 2025.
With the latest action, the total value of proceeds of crime provisionally attached by the ED in the case has reached Rs 700.89 crore, the agency said.
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