The Law Enforcement Directorate said on Friday that assets worth more than Rs 187 crore had been seized under the Anti-Money Laundering Act as part of an investigation against a company called PACL who would have duped investors by promising them plots in various regions of the country.
The federal agency has issued an interim order under the Prevention of Money Laundering Act (PMLA) to seize a total land measuring 3,39,984.2 square meters (valued at Rs 185 crore as per government rate) and a balance bank account of Rs 7,51,78,480 belonging to DDPL Global Infrastructure Private Limited (DDPL), Unicorn Infraprojects and Estates Private Limited (Unicorn) and Brightview Projects and Estates Private Limited in the case of PACL India Limited and others, said the agency in a press release.
PACL India Limited (PACL), said the Law Enforcement Directorate, has been collecting money from the public under different schemes to allocate plots in various parts of the country or provide opportunity to take back their planned provisional value of land instead of the plot allocated under the scheme at maturity. “PACL was doing business in real estate and selling farmland in the country through its agents and local office. The company obtained a double benefit by creating easy equity for the purchase of land and later benefiting from the appreciation in land prices. “PACL had raised sums amounting to several million Euros from investors across India,” he said. PACL administrators “siphoned off” amounts received from investors and used them for personal gain by investing in various entities, the agency said.
Linking the two aforementioned companies to PACL, he said, the company transferred Rs 101 crore (the investors’ money) to Dhanashree Developers Private Limited, of which Rs 26 crore was transferred to DDPL Global Infrastructure Private Limited . PACL also transferred Rs 2,285.79 crore to a Prateek Kumar who invested Rs 94.61 crore in DDPL and Unicorn. “PACL transferred Rs 110.95 crore into Systematix Venture Capital Trust through its 25 front companies, which were invested in DDPL and Unicorn in the form of OFCD (eventually fully convertible debenture) and equity,” said alleged the agency. With funds received from PACL through various channels, DDPL and Unicorn have purchased plots of land at Vasai, Tiwri village in Palgarh district of Maharashtra, he said.
“DDPL and Unicorn have entered into various agreements with different entities for the sale of FSI (floor space index) and the construction of residential and commercial projects, from which both entities have generated huge profits.” “The shareholding of DDPL and Unicorn has been changed frequently in order to legitimize the funds received from PACL and to ensure that the assets are not taken over and given to investors.” “The scheme was cleverly designed to obscure the true beneficiary of the land and shares to avoid investigation by government agencies. The shareholders of DDPL and Unicorn – Hemant Patil and Dharmesh P Shah – have rights to these assets without actually investing substantial funds in the companies,” he said.
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