The Enforcement Directorate (ED) of India has provisionally attached immovable land assets, of nearly 339,984 square meters, in Maharashtra (total land valued at over ₹1.85 billion, or $23.77m) and movable assets of over ₹75.18 million ($970k) under the country’s AML/CFT law in the ongoing investigation of PACL India Limited and others. The assets belong to DDPL Global Infrastructure Private Limited, Unicorn Infraprojects and Estates Private Limited, and Brightview Projects and Estates Private Limited.
PACL was involved in the real estate sector, particularly selling agricultural land through its agents. In its investigation, the ED found that PACL collected millions of dollars from investors across India under different schemes. Schemes included allotting plots to the investors or offering them to get back the money for the plot upon maturity. Thus, PACL earned by first creating easy equity for land procurement and then taking advantage of increased land prices. Meanwhile, the directors of PACL took the funds received from investors and invested them in different entities for personal gains. These entities included Dhanashree Developers Private Limited, DDPL, Unicorn, and Systematix Venture Capital Trust.
DDPL and Unicorn used the illicit funds to purchase land in Vasai, Maharashtra, which earned profits for the two companies. Moreover, the two entities frequently changed their shareholding pattern to conceal the true beneficiaries, legitimize the illicit funds and to prevent a take-over of the assets.
Source: Enforcement Directorate, India