ED attaches properties worth Rs 646 crore in Pancard Club money laundering case

The Enforcement Directorate (ED) has provisionally attached 211 immovable properties worth approximately Rs 646.58 crore in connection with its money laundering probe into Pancard Clubs Limited (PCL) and other entities linked to the Panoramic Group, taking the total value of properties attached in the case so far to Rs 700.89 crore.

The latest operation was carried out by the ED’s Mumbai Zonal Office-I under the Prevention of Money Laundering Act (PMLA), 2002.

The properties include commercial office spaces, luxury hotels, operational resorts, agricultural land and residential properties spread across Maharashtra, Kerala, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana and Dadra & Nagar Haveli.

According to the agency, the attached assets are held in the names of PCL, Panoramic Universal Limited, their subsidiaries, family members of those associated with the entities and other beneficial owners.

The ED’s investigation began on the basis of an FIR registered by Mumbai’s Dadar Police Station, which was subsequently taken up by the Economic Offences Wing (EOW) of Mumbai Police.

The EOW later filed a chargesheet on December 31, 2021, before the Special MPID Court in Mumbai.

During its probe, the ED found that the accused had allegedly created a network of 46 corporate entities under the Panoramic Group.

These entities allegedly operated Ponzi schemes under the guise of “Sale of Room Nights” and timeshare holiday memberships, attracting more than 51 lakh investors across the country by promising unrealistic returns.

The agency alleged that PCL collected Rs 9,577 crore from investors between 1997-98 and 2017-18.

Of this amount, Rs 2,858 crore was returned to depositors, while Rs 2,332 crore was allegedly paid as commissions to agents.

The remaining Rs 4,387 crore has been identified by the ED as proceeds of crime that were retained and diverted by the accused entities and key individuals.

The investigation further revealed, according to the ED, that the alleged proceeds of crime were layered through several shell and dummy companies, including Shagun Tradelinks Pvt. Ltd.

The funds were subsequently routed into associate entities such as Panoramic Universal Limited and its domestic and overseas subsidiaries.

The agency said these funds were then used to acquire high-value real estate, resorts and commercial properties in India and abroad.

The properties were allegedly acquired in the names of group companies, directors and their family members and subsequently presented as legitimate assets.

The ED also detected an alleged attempt to defeat earlier attachment proceedings. It found that a 7.08-hectare property in Kalhe village, Panvel, Raigad, was sold despite attachment orders issued by SEBI and the MPID Competent Authority.

The agency said the sale was carried out using a forged board resolution purportedly bearing the signature of late director Usha Arun Tari, who died on September 11, 2018, and was executed on behalf of a struck-off entity.

The ED consequently invoked Section 5(1) of the PMLA to provisionally attach the property and prevent any further unlawful transfer or alienation.

Earlier, in 2025, the agency had attached 30 immovable properties located in the US, UAE and Thailand, valued at around Rs 54.31 crore, belonging to foreign subsidiaries of Panoramic Universal Limited and the late Sudhir Moravekar.

The attachment was confirmed by the Adjudicating Authority under the PMLA on October 9, 2025.

With the latest action, the ED said the total value of proceeds of crime provisionally attached in the case has reached approximately Rs 700.89 crore. Further investigation into the money laundering case remains underway.