The Enforcement Directorate has arrested Harsatander Pal Singh Hair, son -in -law of former Pearls Group Nirmal Singh Bhangu on charges of money laundering.
The case is based on PACL India Limited, PGF Limited, Nirmal Singh Bhangu (died in August 2024), and the first information report registered by the Central Bureau of Investigation against others. The agency said, “They were involved in fake investment schemes to cheat investors. Through these schemes, PACL and its directors cheated investors worth about ₹ 48,000 crore,” the agency said.
According to the ED, Mr. Hair PACL Limited had one director among several associate companies, including two Australian institutions-Moti Australia PTI Limited and Australia Mirage I-PT Limited. The PACL and its colleagues allegedly turned the Off 657.18 crore of the income of crime (POC) for Australian institutions controlled by Mr. Hair.
These funds were invested by Australian companies in various real estate assets in Australia. In addition, Harsatinder Pal Singh Hair was also destroying the properties (POCs) of PACL and its respective institutions in violation of the Supreme Court order on July 25, 2016, ”said this.
In this case, Ed has already attached two immovable properties in Australia, which is priced in 462 crores and India has various movable and immovable properties of 244 crores.
These asset details have been shared with the Justice Lodha Committee appointed by the Supreme Court to oversee the property disposal process and restore funds to investors. The ED has also filed two prosecution complaints against the accused persons and institutions.
Published – March 22, 2025 03:36 pm IST