ED conducts searches in real estate firm probe

The Enforcement Directorate (ED) on Wednesday conducted searches at multiple locations in connection with its investigations against Delhi-based real estate firm, PACL, booked by the CBI on charges of allegedly duping investors through their ponzi schemes by promising agricultural land to the depositors.

Sources said at least 10 premises of the firm and its directors and associates in Delhi, Mumbai, Mohali, Chandigarh and Jaipur were searched by agency sleuths under the stringent provisions of the Prevention of Money Laundering Act.

“The agency carried out searches in multiple cities in connection with the money laundering case it has registered against PACL, its promoters, its associate firms and officials. Some documents and computer hardware suspected to be containing vital information have been seized”, sources said. The ED had registered a criminal case against the firm early in 2015 based on a CBI FIR against the group, directors and officials.