New Delhi, June 10 || The Directorate of Enforcement's (ED) Delhi zonal office has filed a Supplementary Prosecution Complaint (SPC) against Harsatinder Pal Singh Hayer and others before the special PMLA court, New Delhi, in connection with the massive Rs 48,000 crore PACL investment scam.
The SPC was filed on May 17, and the court took cognisance of the matter on June 9, the ED said in a press release here on Tuesday.
The case had been filed as a result of an FIR by the Central Bureau of Investigation (CBI), BSFC, New Delhi, under Sections 120-B and 420 of the Indian Penal Code, alleging that PACL Ltd., PGF Ltd., their directors, including N.S. Bhangoo and others ran fraudulent investment schemes that duped lakhs of investors across India, the release stated.
According to the press release, the ED's investigation revealed that PACL diverted investor funds to various shell and associate companies, including M/s. MDB Housing Complex Pvt. Ltd., which was controlled by Harsatinder Pal Singh Hayer, the son-in-law of the late Bhangoo. The agency alleged that this diversion was an attempt to launder illicit proceeds by disguising them as legitimate business income.