ED Seizes Overseas Assets in Panoramic Universal's Fraud Scheme

The recent crackdown by the Enforcement Directorate (ED) involves the provisional attachment of 30 overseas assets in connection to the Pancard Clubs investment fraud. These assets, tied to Mumbai-based Panoramic Universal Ltd and the late Sudhir Moravekar, were located in Thailand, the UAE, and the USA.

The Mumbai Zonal Office attached these properties, acquired through payments amounting to Rs 54.32 crore between 2002 and 2015. The ED's action stems from an FIR by the Economic Offences Wing, investigating violations under the Indian Penal Code.

From 1997 to 2017, unauthorized investments collected from 51 lakh investors generated a shortfall exceeding Rs 5,000 crore. The EOW has filed charges against multiple entities and individuals. Proceeds of crime diverted from Pan Card Limited to Panoramic Universal Ltd exceeded Rs 99 crore, while further violations involved overseas investments.

(With inputs from agencies.)