Enforcement Directorate seeks Ponzi firm info from CBI

The Enforcement Directorate (ED) has sought details from the CBI pertaining to latter’s ongoing investigations against promoters of two Delhi-based real estate companies — Pearl Agrotech Corporation Ltd (PACL) and Pearls Golden Forest Ltd (PGF). The CBI recently formed four special teams to fast-track its investigations into the alleged `45,000 crore ponzi scam involving PACL and PGF.

Sources said, “The ED has already initiated its own investigations against both Delhi-based firms and its promoters under the provisions of the Prevention of Money Laundering Act (PMLA). It is suspected that the accused firms allegedly raised investments, worth `45,000 crore, from over five crore gullible investors through collective investment scheme under the garb of sale and development of agricultural land”.

The ED has sought certain documents, pertaining to the alleged investments made by promoters of the firms in Australia, from the CBI as part of its investigations.