Mumbai, October 8, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has attached immovable properties worth Rs 567.45 crore in Mumbai, Pune and Raigad in Maharashtra in connection with the alleged Rs 48,000-crore collective investment scheme operated by Pearls Agrotech Corporation Limited (PACL).
The properties were attached by the ED’s Delhi Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The latest action covers 48 immovable properties held in the names of Prateek Kumar and Ansh Prateek Kumar, as well as entities including Beaming Infradevelopers, Ganraj Properties and Greenfield Estates Limited. According to the ED, the properties have a current market value of Rs 567.45 crore.
With this attachment, the ED said it has so far attached movable and immovable assets worth around Rs 30,235.21 crore, including properties and other assets located in India and abroad.
The ED investigation was initiated following an FIR registered by the Central Bureau of Investigation (CBI) in New Delhi under Sections 120-B and 420 of the Indian Penal Code, 1860, relating to criminal conspiracy and cheating.
The CBI subsequently filed a charge sheet and a supplementary charge sheet against 33 accused in connection with the alleged illegal investment scheme.
According to the charge sheets, PACL and associated individuals allegedly operated a large-scale collective investment scheme and mobilised more than Rs 48,000 crore from lakhs of investors across India on the promise of selling and developing agricultural land.
Investors were allegedly induced to make cash down payments and instalment payments and were made to execute agreements, powers of attorney and other documents.
The ED said that in most cases, the promised land was not delivered, leaving investor dues of around Rs 48,000 crore.
The agency registered an Enforcement Case Information Report (ECIR) in the matter in 2016 and filed a charge sheet in 2018. It subsequently filed six supplementary charge sheets in 2022, 2025 and 2026 against various accused.
The ED said Prateek Kumar was arraigned as accused number 13 in a supplementary charge sheet dated August 20, 2022, and the Special Court took cognisance of the matter on September 19, 2022. An open-ended non-bailable warrant was subsequently issued against him by the Special Court on April 9, 2025.
According to the ED, the entities holding the attached properties are beneficially owned and controlled by Prateek Kumar.
The agency’s investigation found that the properties were allegedly purchased using funds diverted from PACL, which had collected money from investors. The ED has described the diverted funds used to acquire the properties as proceeds of crime.
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