ED conducted search operations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in the case of M/s Pearl Agro Corporation Limited (PACL) and its group

Directorate of Enforcement (ED) conducted search operations at 44 locations across 10 states on October 4, 2024, in the case of M/s Pearl Agro Corporation Limited (PACL) and its group. The ED recovered and seized incriminating documents, which revealed that PACL directors siphoned off funds collected from investors by transferring them to shell companies, and later withdrawn in cash and transferred abroad for the purchase of immovable properties. The ED has already attached properties worth Rs. 462 Crore in Australia and Rs. 244 Crore in India. Prosecution complaints have been filed against 11 entities, including PACL and its related companies, and further investigation is ongoing.