Under the Prevention of Money Laundering Act, the Directorate of Enforcement (ED) has provisionally attached movable assets totalling Rs. 7,51,78,480/- in the form of bank balances belonging to M/s DDPL Global Infrastructure Private Limited (DDPL), M/s Unicorn Infraprojects and Estates Private Limited (Unicorn), and M/s Brightview Projects and Estates Private Limited, as well as immovable assets in the form of land measuring 3,39,984.2
To allocate plots in various locations across the nation or provide the option to return their estimated preliminary value of land instead of the plot awarded under the plan at scheme maturity, M/s PACL India Limited (PACL) collected money from the public under several schemes. Through its agents and regional office, M/s PACL was conducting business in the country in the real estate and the sale of agricultural property. By generating simple equity for the purchase of property and then profiting from the increase in land values, M/s PACL received a twofold advantage. M/s PACL had gotten money from investors throughout India totalling many Crores.
According to the inquiry, the Directors of M/s PACL stole money from investors and invested it in a variety of businesses for their benefit.
Following an inquiry by the ED, it was discovered that M/s PACL had transferred Rs. 101 crores (investors’ money) to M/s Dhanashree Developers Private Limited, of which Rs. 26 crores had been sent to M/s DDPL Global Infrastructure Private Limited. Additionally, PACL sent Shri Prateek Kumar Rs. 2285.79 crores in exchange for his Rs. 94.61 crore investment in M/s DDPL and M/s Unicorn. Through its 25 front businesses, PACL also transferred Rs. 110.95 crores to Systematix Venture Capital Trust, which was invested in M/s DDPL and M/s Unicorn in the form of stock and OFCD.
In Vasai, Village Tiwri, District Palgarh, Maharashtra, DDPL and Unicorn bought land lots using money obtained from PACL through various means. For the selling of FSI and the development of residential and commercial projects, DDPL and Unicorn engaged in a number of agreements with other parties, from which the two businesses realised significant profits. Land measuring 3,39,984.2 square metres in Vasai and bank balances of Rs. 7,51,78,480 have been attached at this point in the inquiry.
The ED investigation further showed that DDPL and Unicorn repeatedly altered their shareholdings to legitimate the money they received from M/s PACL and to prevent the assets from being taken over and distributed to investors. To evade official examination, the system has been cleverly constructed to hide the true benefactor of the shares and property. Hemant Patil and Dharmesh P. Shah, the shareholders of M/s DDPL and M/s Unicorn, have claimed ownership of these assets despite never having made a sizable investment in the firms. The search for the remaining proceeds of the crime is being investigated.
