India ED Attaches ₹42.13 Crore in Shares in PACL Money Laundering Case
India’s Directorate of Enforcement has provisionally attached 2,946,341 equity shares of Industrial Investment Trust Limited held by N. N. Financial Services Private Limited in the long-running PACL money laundering investigation. The shares had a market value of approximately ₹42.13 crore as of 18 September 2026 and were originally acquired for ₹30.90 crore.
The attachment was made under the Prevention of Money Laundering Act, 2002. According to information attributed to the Enforcement Directorate in Indian reporting on 19 September, investigators allege that the shares were financed with funds diverted from PACL Ltd. that had originally been collected from investors. The agency therefore treats the investment as proceeds of crime. The attachment is provisional and forms part of an ongoing investigation.
The underlying case concerns an alleged illegal collective investment scheme operated through PACL and related entities. The Enforcement Directorate’s investigation is based on a Central Bureau of Investigation case in which the CBI filed a charge sheet and a supplementary charge sheet against 33 accused persons. Authorities allege that more than ₹48,000 crore was raised from investors across India on the representation that the money would be used in connection with the sale and development of agricultural land.
Investigators say investors were offered cash-down and instalment payment plans and were asked to execute agreements, powers of attorney and other documents. In many cases, the promised land was allegedly never delivered. Approximately ₹48,000 crore remains unpaid to investors, according to the enforcement account reported by Indian media.
The Enforcement Directorate opened its money laundering investigation in 2016 and filed its first prosecution complaint in 2018. Six supplementary prosecution complaints followed in 2022, 2025 and 2026 against various individuals and entities.
With the latest action, the agency says movable and immovable assets valued at approximately ₹29,667.76 crore have been attached in connection with the PACL investigation, including assets located both in India and overseas. The investigation remains ongoing.
