ED attaches 211 properties worth ₹646.58 crore in Ponzi scheme case

It matters to citizens as it details the recovery of assets linked to a large-scale Ponzi scheme that defrauded over 51 lakh investors.

Who it concerns: The document concerns M/s Pancard Clubs Limited (PCL), M/s Panoramic Universal Limited, their subsidiaries, beneficial owners, family members, and the 51 lakh+ investors who were defrauded. It also involves the Dadar Police Station/EOW Mumbai Police, SEBI, and the Special MPID Court, Mumbai.

What the ED says it did

• ED provisionally attached 211 immovable properties valued at Rs. 646.58 Crore (Approx.) under PMLA 2002.
• The attached assets include commercial offices, luxury hotels, resorts, agricultural lands, and residential properties located in Maharashtra, Kerala, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana, and Dadra & Nagar Haveli.
• ED found that the accused entities collected Rs. 9,577 Crore from investors between 1997-98 and 2017-18 through illegal Ponzi schemes disguised as 'Sale of Room Nights' and timeshare memberships.
• Only Rs. 2,858 Crore was returned to depositors, while Rs. 2,332 Crore was paid as agent commissions, leaving Rs. 4,387 Crore as proceeds of crime.
• ED identified a network of 46 corporate entities under the Panoramic Group used to layer and integrate illegal funds.
• A specific 7.08 Hectare property in Panvel, Raigad, was found to have been fraudulently sold using a forged board resolution bearing the signature of a deceased director, despite existing attachment orders by SEBI and MPID authorities.
• The total value of proceeds of crime provisionally attached by ED in this case so far stands at Rs. 700.89 Crores (Approx.), including 30 properties abroad valued at Rs. 54.31 Crore attached earlier in 2025.

Also in the document

• The investigation revealed that funds were injected into associate entities and used to acquire high-value real estate in the names of group companies, directors, and family members to project them as untainted.
• The provisional attachment of foreign properties in the USA, UAE, and Thailand was confirmed by the Adjudicating Authority (PMLA) on 09.10.2025.
• The press release notes that further investigation is under progress.