In a major development in the ongoing investigation into one of India’s largest financial fraud cases, the Enforcement Directorate (ED) on Thursday launched simultaneous raids at over 15 locations across Punjab, Haryana, Rajasthan, and Delhi. Among the high-profile targets of the operation is the Mohali residence of senior Aam Aadmi Party (AAP) leader and prominent businessman Kulwant Singh, adding a significant political dimension to the high-stakes probe.
The crackdown is part of the ED’s expanding investigation into the Pearl Agro Corporation Limited (PACL) case, a massive investor scam involving a staggering sum of ₹48,000 crore. The scandal, which has affected lakhs of small investors across India, is linked to fraudulent investment schemes and illegal disposal of assets owned by PACL and its associate companies. Central to the case are former associates of the late Nirmal Singh Bhangoo, the founder of PACL, against whom serious charges of financial misappropriation and asset siphoning have already been levelled.
According to sources close to the investigation, multiple teams from the ED simultaneously moved in on several properties and business premises associated with individuals suspected of involvement in the scam. These include locations in key urban centers such as Mohali, Jaipur, Gurugram, and parts of the national capital. The objective of the raids, officials said, is to collect evidence regarding the illegal transfer, sale, or concealment of PACL-linked assets, some of which were allegedly disposed of in violation of court orders and ongoing proceedings.
What makes Thursday’s raids particularly significant is the political spotlight it casts. Kulwant Singh, who has held prominent civic positions in Punjab and is known for his business ventures in the real estate sector, has now come under the ED’s radar. While there is no official word yet on the extent of his alleged involvement, the searches at his Mohali residence mark a serious escalation in the agency’s pursuit of those believed to have benefited from the proceeds of the PACL scam.
The PACL case has been one of the longest-running and most complex financial fraud investigations in India. It gained notoriety not just for the enormous scale of funds involved, but also for the deeply intertwined network of shell companies, real estate transactions, and political affiliations that emerged during the probe. The Securities and Exchange Board of India (SEBI) had earlier ordered the refund of funds to affected investors, and a special committee has been overseeing asset liquidation to compensate victims. However, enforcement agencies have long suspected that substantial parts of PACL’s real estate portfolio were illegally sold or hidden to obstruct the refund process.
With the ED now intensifying its operations across states and targeting politically connected individuals, the case is poised to make new headlines in the days to come. The involvement of a leader from the ruling AAP adds further political heat, especially in Punjab, where the party has been projecting a clean governance image.
Political analysts believe that the timing and scope of these raids could have ripple effects not only on Punjab’s local political dynamics but also on the broader narrative around financial transparency and accountability. While supporters of those being raided might term the action as politically motivated, enforcement authorities maintain that their actions are based purely on financial evidence and regulatory violations.
As the investigation deepens and more names come to light, the PACL saga continues to unravel, exposing the underbelly of one of India’s biggest investor scams. For the countless victims still awaiting justice, the ED’s renewed crackdown offers a glimmer of hope that accountability may finally catch up with those who once operated above the law.
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