Global Asset Seizure: The Pan Card Club Fraud Unraveled

The Enforcement Directorate (ED) has taken a decisive step in its ongoing money laundering investigation by attaching 30 assets in the United States, United Arab Emirates, and Thailand. This move is part of a broader probe centered around the alleged 'Pan card club' investors' fraud case, which is valued at over Rs 5,000 crore.

The assets, provisionally attached under the Prevention of Money Laundering Act (PMLA), belong to overseas subsidiaries of Panoramic Universal Ltd (PUL) in Mumbai and the now-deceased Sudhir Moravekar, who has been implicated in the case. According to the ED, payments totaling Rs 54.32 crore were used to acquire these properties between 2002 and 2015.

The robust investigation revealed that the company Pan Card Limited (PCL) had collected unauthorized investments from around 51 lakh investors across India between 1997 and 2017, failing to return more than Rs 5,000 crore. The Economic Offences Wing of Maharashtra Police has filed a charge-sheet involving PCL, PUL, multiple directors, and related entities. The investigation also uncovered substantial fund diversions, culminating in the acquisition and subsequent sale of assets abroad, often without appropriate reporting.

(With inputs from agencies.)