ED attaches 48 properties worth ₹5,67.45 crore in ₹48,000 crore fraud

This action is part of an ongoing investigation into a large-scale financial fraud involving a collective investment scheme that allegedly defrauded investors of over ₹48,000 Crore.

Who it concerns: The document concerns Prateek Kumar (accused A-13), his son Ansh Prateek Kumar, and the entities M/s. Beaming Infradevelopers Pvt. Ltd., M/s. Ganraj Properties Pvt. Ltd., and M/s. Greenfield Estates Limited. It also affects lakhs of investors across India who invested in the scheme operated by M/s PACL and related entities.

What the ED says it did

• ED provisionally attached 48 immovable properties in Pune, Mumbai, and Raigad with a current market value of ₹5,67,45,52,392.
• The properties are held by Prateek Kumar, his son, and three entities beneficially owned and controlled by Prateek Kumar.
• The attachment was made under the PMLA, 2002, in connection with an investigation into a fraud involving M/s PACL.
• The investigation was initiated based on an FIR by the CBI under Sections 120-B and 420 of the IPC, 1860.
• CBI filed charge-sheets against 33 accused for running an illegal investment scheme that mobilized over ₹48,000 Crore from investors under the pretext of agricultural land development.
• ED recorded an ECIR in 2016 and filed a Prosecution Complaint in 2018, followed by six Supplementary Prosecution Complaints between 2022 and 2026.
• An open-ended Non-Bailable Warrant (NBW) was issued against Prateek Kumar by the Special Court on 09.04.2025.
• ED states that the attached properties were purchased using funds diverted from M/s PACL, constituting Proceeds of Crime.
• With this attachment, ED has attached a total of movable and immovable properties worth approximately ₹30,235.21 Crore, including assets in India and abroad.

Also in the document

• The document states that in most cases, the land promised to investors was never delivered.
• The total amount unpaid to investors is stated as approximately ₹48,000 Crore.
• The entities involved are described as beneficially owned and controlled by Prateek Kumar.