ED Secures 30 International Properties in Pancard Clubs Case

In a major breakthrough in the high-profile Pancard Clubs investment fraud case, the Enforcement Directorate (ED) has provisionally attached 30 overseas assets worth ₹54.32 crore belonging to Mumbai-based Panoramic Universal Ltd (PUL) and the late Sudhir Moravekar. This decisive action targets properties acquired through illicitly diverted investor funds and marks a significant escalation in India’s fight against financial crime.

 

International Asset Seizure:

The attached assets are 22 Thai properties, six in the UAE, and two in the USA, all registered in the names of PUL's foreign subsidiaries and late Sudhir Moravekar. These assets were procured between 2002 and 2015 by utilizing proceeds of crime diverted from Indian investors.

 

Gigantic Investment Scam

Pan Card Limited (PCL), which is associated with PUL, reportedly raised more than ₹5,000 crore from approximately 51 lakh investors in India between 1997 and 2017 through illegal collective investment schemes. The firm did not refund money to most investors, leading to widespread litigation.

 

Money Laundering Trail

ED's investigation brought to light that around ₹99 crore was diverted from PCL to PUL, and more money was channelled into personal accounts of Moravekar's family members. The investigation also brought to the fore overseas direct investments in New Zealand, USA, UAE, Thailand, and Singapore, and remittances amounting to almost ₹100 crore.

 

Legal and Recovery Process:

The Economic Offences Wing of the Mumbai Police had earlier filed the chargesheets against PCL, PUL, 44 group companies, six directors, and five marketing representatives. The ED's latest action, under the Prevention of Money Laundering Act, sets the ball rolling for potential repatriation of assets through international cooperation.

 

Current Developments:

Officials disclosed that Moravekar's sons intended to sell some of these foreign assets prior to the attachment, indicating the timeliness and efficacy of the ED's action.

 

This unprecedented move not only seeks to restore defrauded funds to Indian investors but also sends a loud message against cross-border financial fraud.

 

Sources: Economic Times, Indian Express, Hindustan Times