Latest news with #Moravekar
India Today
12-05-2025
- Business
- India Today
ED attaches 30 overseas assets in Rs 5,000 crore investment fraud probe
The Directorate of Enforcement (ED), Mumbai Zonal Office, has provisionally attached 30 overseas assets; 22 in Thailand, six in the United Arab Emirates, and two in the United States, held in the name of overseas subsidiaries of Mumbai-based Panoramic Universal Ltd (PUL) and the late Sudhir Moravekar, who is an accused in the Pancard Clubs investment fraud properties were allegedly acquired through payments amounting to Rs 54.32 crore between 2002 and 2015. The enforcement action follows an investigation initiated on the basis of a FIR registered by the Economic Offences Wing (EOW) for offences under various sections of the Indian Penal Code (IPC).advertisementAccording to the FIR, from 1997 to 2017, Pan Card Limited (PCL) unlawfully collected investments from approximately 51 lakh investors across India and failed to return over Rs 5,000 crore to many of them. The EOW filed a chargesheet against PCL, PUL, 44 other associated companies, six directors of PCL, and five of its marketing representatives under the IPC and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999. The ED's investigation revealed that proceeds of crime, amounting to around Rs 99 crore, were diverted from PCL to PUL, with further diversions into the personal accounts of the family members of Moravekar. It was also found that in 2002, PUL purchased a hotel in New Zealand through Overseas Direct Investments (ODI), which was later sold, and the wholly owned subsidiary in New Zealand was shut down without proper disclosure to the Reserve Bank of India (RBI) or the concerned investments were also made in the United States, United Arab Emirates, Thailand, and Singapore, with total remittances of approximately Rs 100 crore sent abroad between 2002 and 2014. These funds were used to acquire assets in the name of overseas subsidiaries. The ED further noted that both sons of Moravekar were planning to sell some of the assets located in the United States and the United Arab investigation is currently underway. IN THIS STORY#Mumbai#Maharashtra
Hindustan Times
09-05-2025
- Business
- Hindustan Times
PCL case: ED attaches assets worth ₹54 crore in Thailand, USA, UAE
MUMBAI: The Mumbai unit of the Enforcement Directorate (ED) has provisionally attached 30 assets worth over ₹54.32 crore located overseas in three countries as part of its money- laundering probe into an alleged investment fraud case against a firm, Pan Card Limited (PCL). While 22 of the attached assets are in Thailand, six others are in the UAE and two in the USA. The assets were attached due to their link with the case's proceeds of crime in the USA, Thailand and the UAE. They are in the name of the overseas subsidiaries of the Mumbai-based firm M/s Panoramic Universal Ltd (PUL) and a deceased accused, Late S Moravekar, in the Pan Card Clubs' investment fraud case, ED officials said. These assets were allegedly acquired by making a total payment equivalent to ₹54.32 crore from 2002 to 2015. It is alleged that PCL, from 1997 to 2017, collected investments from around 5.1 million investors across India despite not being authorised and subsequently failed to return over ₹5,000 crore to many of them. The ED began its investigation based on an FIR registered by the Mumbai police's Economic Offences Wing (EOW) for various offences under the Indian Penal Code (IPC). The case pertains to a Collective Investment Scheme (CIS), allegedly run in contravention of the SEBI (Securities and Exchange Board of India) Act and SEBI (CIS) Regulations. The investors were allegedly promised high rates of returns against the deposits, ignoring prevailing norms of SEBI and the Reserve Bank of India (RBI), according to the ED. The EOW later filed a chargesheet against PCL, PUL and 44 other related companies, and six directors and five marketing representatives of PCL under various sections of the IPC and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act,1999 (MPID). The ED investigation revealed that proceeds of crime worth around ₹99 crore were allegedly diverted from PCL to PUL, apart from diversion of a part of that to the personal accounts of the family members of Moravekar, ED officials said. It was also revealed in the probe that in 2002, a hotel in New Zealand was bought through Overseas Direct Investment (ODI) by PUL. 'Later, the asset was sold off and the Wholly Owned Subsidiary in New Zealand was closed without duly reporting to the Reserve Bank of India or any bank,' the official said. ODI refers to investments made by an Indian entity in a foreign country. According to the ED probe, ODI investments were also made in the USA, UAE, Thailand and Singapore, remittances equivalent to around ₹100 crore were allegedly sent during 2002 to 2014 and assets were acquired in the name of overseas subsidiary entities. It was also revealed that there was a plan by the family members of an accused to sell off some of these assets in the USA and UAE.
Hindustan Times
08-05-2025
- Business
- Hindustan Times
ED attaches assets worth ₹5,000 cr in US, UAE, Thailand in investors' 'fraud' case
New Delhi, The Enforcement Directorate on Thursday said it has attached 30 assets in the US, the UAE and Thailand as part of a money laundering investigation linked to an alleged 'Pan card club' investors' fraud case worth over ₹5,000 crore. These properties, attached provisionally under the Prevention of Money Laundering Act , are in the name of overseas subsidiaries of Panoramic Universal Ltd , Mumbai and Late Sudhir Moravekar, an accused in the case, the federal probe agency said in a statement. "All these assets have been acquired by making payments of ₹54.32 crore between 2002-2015," it said. Twenty-two of these attached properties are located in Thailand, six in the UAE and two in the US, the agency said. The probe pertains to the 'Pancard Clubs investment' fraud case, a probe based on an FIR by the Maharashtra Police . The ED said between 1997-2017, Pan Card Limited "unauthorisedly" collected investments from about 51 lakh investors across India and "failed" to return more than ₹5,000 crore to many of these investors. The EOW filed a charge-sheet against PCL, PUL and 44 other related companies, six directors and five marketing representatives of PCL under various sections of the IPC and the Maharashtra Protection of Interest of Depositors Act. The ED said the probe found that "proceeds of crime" of about ₹99 crore were "diverted" from PCL to PUL apart from the personal accounts of family members of Moravekar. It was found that in 2002, a hotel was bought in New Zealand through overseas direct investments by PUL, it said. Later, the asset was sold off and the wholly-owned subsidiary of PUL in New Zealand was closed "without" due reporting to the RBI. ODI investments were also made in the USA, the UAE, Thailand and Singapore and remittances worth about ₹100 crore were sent during 2002-2014, it said. Assets were acquired in the name of these overseas subsidiary entities and both the sons of Moravekar were planning to sell off some of these properties located in the US and the UAE, it said.
