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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.
India Gazette
08-05-2025
- Business
- India Gazette
ED attaches 30 overseas assets of Mumbai-based Panoramic Universal Ltd in Pancard Clubs investment fraud case
New Delhi [India], May 8 (ANI): The Enforcement Directorate (ED) has provisionally attached 30 overseas assets held in the name of overseas subsidiaries of Mumbai-based Panoramic Universal Ltd (PUL) and accused late Sudhir Moravekar in the Pancard Clubs investment fraud case. These attached overseas properties include 22 in Thailand, six in the United Arab Emirates, and two in the USA. Mumbai Zonal Office has attached all these assets, which have been acquired by making total payments equivalent to Rs 54.32 crore during the period from 2002 to 2015. ED initiated an investigation on the basis of the FIR registered by the Economic Offences Wing (EOW) for offences under various sections of the Indian Penal Code, 1860. During the period from 1997 to 2017, ED said in a statement, Pan Card Limited (PCL) unauthorizedly collected investments from around 51 lakh investors across India and failed to return more than Rs 5,000 crore to many of these investors. The EOW has filed a chargesheet against PCL, PUL and 44 other related companies, six directors of PCL and five marketing representatives of PCL under various sections of IPC, 1860, and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act,1999. ED investigation revealed that Proceeds of Crime (POC) amounting to around Rs 99 crore were diverted from PCL to PUL apart from diversion of POC to the personal accounts of family members of deceased accused Sudhir Moravekar. 'It is also revealed that during 2002, a hotel in New Zealand was bought through Overseas Direct Investments (ODI) by PUL,' said the ED, 'Later the asset was sold off and the Wholly Owned Subsidiary in New Zealand was closed without duly reporting to RBI/Bank. ODI investments were also made in USA, UAE, Thailand, Singapore and remittances equivalent to Rs 100 rore (approx.) were sent during the period from 2002 to 2014. Assets were acquired in the name of these overseas subsidiary entities.' It is also revealed that both the sons of late Sudhir Moravekar were planning to sell off some of these assets in USA and UAE, the ED added. (ANI)
Indian Express
08-05-2025
- Business
- Indian Express
In Thailand, UAE, USA: ED attaches 30 overseas assets in in Rs 4500 crore Pancard club investment fraud
The Enforcement Directorate (ED), Mumbai has provisionally attached 30 overseas assets in connection with the Rs 4,500 crore Pancard club investment fraud, the agency said on Thursday. The attached assets, of which 22 are in Thailand, six in UAE and two in USA, are held in the name of overseas subsidiaries of M/s Panoramic Universal Ltd, Mumbai (PUL) and accused (late) Sudhir Moravekar. ED said that these assets were acquired by making total payments equivalent to Rs 54.32 crore during the period from 2002 to 2015. ED's action is based on the criminal case Mumbai police Economic Offences Wing (EOW) had filed. While the said properties are located in a foreign country, following due procedure ED through the Indian government can send a request under Mutual Legal Assistance Treaty (MLAT) to concerned countries for further recovery of proceeds of the crime. As per Mumbai police's case, during the period from the year 1997 to 2017, M/s Pan Card Limited (PCL) unauthorisedly collected investments from around 50 lakh investors across India and failed to return more than Rs 5,000 crore to many of these investors. After thorough investigation, EOW filed a chargesheet against M/s PCL, PUL and other 44 related companies, 6 Directors of M/s PCL and 5 marketing representatives of M/s PCL under various sections of IPC, 1860 and Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act,1999. When the ED commenced their money laundering investigation, they found that Pancard Clubs Ltd. and its directors floated various investment schemes of different durations ranging from 3 to 9 years, with a promise of hotel discounting, accidental insurance and other benefits including high rate of returns against the deposits made by the public, ignoring prevailing norms of SEBI or Reserve Bank of India (RBI). ED also found Proceeds of Crime (POC) amounting to around Rs 99 crore were diverted from PCL to PUL apart from diversion of POC, to the personal accounts of family members of deceased accused Sudhir Moravekar, the agency stated in a statement on Thursday. The agency added that their probe also revealed that during the year 2002, a hotel in New Zealand was bought through Overseas Direct Investments (ODI) by PUL. The asset was sold later and the wholly-owned subsidiary in New Zealand was closed without duly reporting to RBI/Bank. Besides this, ODI investments were also made in the USA, UAE, Thailand, Singapore and remittances equivalent to approximately Rs 100 crore were sent during the period from 2002 to 2014. Assets were acquired in the name of these overseas subsidiary entities. It is also revealed that both the sons of late Sudhir Moravekar were planning to sell some of these assets in the USA and UAE.
Time of India
08-05-2025
- Business
- Time of India
ED attaches assets worth Rs 5,000 cr in US, UAE, Thailand in investors' 'fraud' case
The Enforcement Directorate has attached thirty assets. These assets are in the US, UAE, and Thailand. The attachment relates to a money laundering investigation. This investigation is linked to the 'Pan card club' fraud. The alleged fraud is worth over Rs 5,000 crore. The attached properties belong to subsidiaries of Panoramic Universal Ltd and Late Sudhir Moravekar. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Enforcement Directorate (ED) 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 Rs 5,000 crore. These properties, attached provisionally under the Prevention of Money Laundering Act (PMLA), are in the name of overseas subsidiaries of Panoramic Universal Ltd (PUL), 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 Rs 54.32 crore between 2002-2015," it of these attached properties are located in Thailand, six in the UAE and two in the US, the agency probe pertains to the 'Pancard Clubs investment' fraud case, a probe based on an FIR by the Maharashtra Police (Economic Offences Wing).The ED said between 1997-2017, Pan Card Limited (PCL) "unauthorisedly" collected investments from about 51 lakh investors across India and "failed" to return more than Rs 5,000 crore to many of these 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 (In Financial Establishments) ED said the probe found that "proceeds of crime" of about Rs 99 crore were "diverted" from PCL to PUL apart from the personal accounts of family members of was found that in 2002, a hotel was bought in New Zealand through overseas direct investments (ODI) by PUL, it the asset was sold off and the wholly-owned subsidiary of PUL in New Zealand was closed "without" due reporting to the investments were also made in the USA, the UAE, Thailand and Singapore and remittances worth about Rs 100 crore were sent during 2002-2014, it 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.
