Upgraded 1 October 2026 at 20:11 IST
The connected properties make up industrial office, high-end hotels, functional resorts, farming lands and homes situated throughout Maharashtra, Keralam, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana, along with Dadra and Nagar Haveli.
New Delhi: The Enforcement Directorate (ED )on Thursday stated it has actually connected 211 unmovable homes totaling up to Rs 646.58 crore under the Prevention of Money Laundering Act (PMLA), 2002, when it comes to Pancard Clubs Ltd and others.
The connected properties consist of business workplace, high-end hotels, functional resorts, farming lands and homes situated throughout Maharashtra, Keralam, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana, along with Dadra and Nagar Haveli.
These homes are kept in the names of Pancard Clubs Ltd (PCL), Panoramic Universal Ltd, their different subsidiary issues, along with relative and helpful owners.
The ED examination was started under the arrangements of the PMLA, 2002, based upon a First Information Report (FIR) signed up by Dadar Police Station, Mumbai, later on Economic Offences Wing (EOW), Mumbai Police, versus Pancard Clubs Ltd and others. The EOW Mumbai Police consequently submitted a chargesheet on December 13, 2021, before an unique court in Mumbai.
Examination performed by the ED’s Mumbai Zonal Office-I, which connected the homes, exposed that individuals associated with the case developed a network of 46 business entities under the Panoramic Group.
“The implicated entities drifted unlawful Ponzi plans under the exterior of ‘Sale of Room Nights’ and timeshare vacation subscriptions, causing over 51 lakh gullible financiers throughout India with guarantees of impractical returns,” the federal company stated in a declaration.
Based on the ED, PCL fraudulently gathered Rs 9,577 crore from financiers in between 1997-98 and 2017-18. Out of the overall collections, just Rs 2,858 crore was gone back to depositors, while Rs 2,332 crore was paid as representative commissions, leaving Rs 4,387 crore as Proceeds of Crime maintained and diverted by the implicated entities and essential people.
The ED examination even more exposed that “the prohibited funds were methodically layered through numerous shell and dummy business, consisting of Shagun Tradelinks Pvt Ltd, and injected into associate entities like Panoramic Universal Ltd and its domestic and abroad subsidiaries.”
“These Proceeds of Crime were consequently incorporated to get high-value realty homes, resorts, and business systems throughout India and abroad in the names of group business, directors, and their member of the family, predicting them as untainted homes.”
The examination likewise exposed a “intentional effort to annoy legal procedures through the deceitful alienation of properties formerly connected by SEBI and MPID authorities.”
“A stationary home admeasuring 7.08 Hectares at Village Kalhe, Panvel, Raigad, was unauthorizedly offered, regardless of the existing accessory orders by SEBI and the MPID Competent Authority. This deal was performed utilizing a created Board Resolution bearing the signature of a departed director, Late Usha Arun Tari (who died on September 11, 2018), on behalf of a struck-off entity. Trigger provisionary accessory action was for that reason taken under Section 5( 1) of PMLA to avoid more illegal transfers/ alienation of homes,” the company stated.
Previously, the ED had actually provided a Provisional Attachment in 2025, connecting 30 stationary residential or commercial properties located outside India, in the USA, UAE and Thailand, valued at Rs 54.31 crore, coming from the foreign subsidiaries of Panoramic Universal Ltd and late Sudhir Moravekar. The accessory was verified by the Adjudicating Authority (PMLA) on October 9, 2025.
Appropriately, the overall worth of Proceeds of Crime provisionally connected under PMLA by the ED in this case up until now stands at Rs 700.89 crore.