The Enforcement Directorate (ED) has attached assets worth over ₹192.51 crore in connection with a money laundering case involving PACL India Limited and others.
The properties include land measuring more than 3.39 lakh sq. metres, valued about ₹185 crore as per government rates, and ₹7.51 crore in the form of bank balances belonging to DDPL Global Infrastructure Private Limited (DDPL), Unicorn Infraprojects and Estates Private Limited (Unicorn) and Brightview Projects and Estates Private Limited.
According to the ED, PACL India was into the business of real estate and sale of agricultural land through agents and local office. It had collected money running into hundreds of crores from investors under various schemes promising allotment of plots in different parts of the country or payback (on maturity) of the expected value of the land in lieu of the allotment.
Its directors allegedly siphoned off the funds and used it for personal gains by making investments in various entities.
The ED probe revealed that PACL transferred ₹101 crore to Dhanashree Developers Private Limited, of which ₹26 crore was diverted to DDPL. “PACL transferred ₹2,285.79 crore to one Shri Prateek Kumar, who invested ₹94.61 crores in DDPL and Unicorn. PACL also transferred ₹110.95 crore in Systematix Venture Capital Trust through its 25 front companies, which was invested in DDPL and Unicorn...,” said the agency.
Using the funds, DDPL and Unicorn bought land parcels in Maharashtra. They entered into various agreements with several entities for the sale of floor space index and construction of residential-cum-commercial projects; from which the two entities generated huge profits, it said.
As alleged, the shareholding of DDPL and Unicorn was changed frequently in order to legitimise the funds received from PACL and to ensure that the assets were not taken over and given to investors. “The shareholders of DDPL and Unicorn, Hemant Patil and Dharmesh P. Shah, have claim over these assets without ever actually investing any substantial funds in the companies,” said the ED.
