ED attaches 211 properties worth Rs 646.58 crore in Pancard Clubs case
The Enforcement Directorate has attached 211 properties worth Rs 646.58 crore linked to the Pancard Clubs Ponzi scheme across multiple Indian states.
In a massive crackdown on a multi-crore Ponzi scheme, the Enforcement Directorate (ED) has attached 211 immovable properties valued at Rs 646.58 crore. This action is part of the ongoing investigation into the Pancard Clubs case, involving various entities under the Panoramic Group.
Massive Asset Seizure Across India
The federal agency revealed that the attached assets include a wide range of high-value real estate, such as:
- Commercial office spaces
- Luxury hotels and operational resorts
- Agricultural lands
- Residential properties
These assets are spread across several states, including Maharashtra, Kerala, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana, and Dadra and Nagar Haveli. The properties are held under the names of Pancard Clubs Ltd (PCL), Panoramic Universal Ltd, their subsidiaries, and various family members or beneficial owners.
The Ponzi Scheme That Trapped Millions
The investigation, which originated from an FIR filed by the Dadar Police and the Economic Offences Wing (EOW) in Mumbai, uncovered a massive web of deception. The accused entities allegedly operated a network of 46 corporate entities under the Panoramic Group to run illegal Ponzi schemes.
Using the guise of "Sale of Room Nights" and timeshare holiday memberships, the group reportedly induced over 51 lakh investors across India with promises of unrealistic returns. According to the ED, Pancard Clubs Ltd fraudulently collected a staggering Rs 9,577 crore from investors between the fiscal years 1997-98 and 2017-18.
Where Did the Money Go?
The financial breakdown of the collected funds reveals the scale of the fraud:
- Rs 2,858 crore: Returned to depositors.
- Rs 2,332 crore: Paid out as agent commissions.
- Rs 4,387 crore: Retained and diverted as "Proceeds of Crime" by the accused entities and key individuals.
The ED found that these illegal funds were systematically layered through shell and dummy companies, such as Shagun Tradelinks Pvt Ltd, before being injected into associate entities like Panoramic Universal Ltd. These funds were then used to acquire luxury real estate and commercial units, which were presented as untainted assets.
Fraudulent Tactics and Forged Documents
The investigation also highlighted a deliberate attempt by the accused to bypass legal proceedings. The agency noted that assets previously attached by SEBI and MPID authorities were being fraudulently alienated.
In one specific instance, a 7.08-hectare property in Panvel, Raigad, was sold without authorization despite existing attachment orders. This transaction was reportedly executed using a forged Board Resolution that bore the signature of a deceased director, Usha Arun Tari, who passed away in 2018.
Total Value of Attached Assets
This recent action follows a previous move where the ED attached 30 properties located in the USA, UAE, and Thailand, valued at Rs 54.31 crore. With this latest seizure, the total value of the proceeds of crime provisionally attached by the ED in the Pancard Clubs case now stands at Rs 700.89 crore.