ED Attaches 211 Properties Worth Rs 647 Crore in Pancard Clubs Ponzi Case
The Enforcement Directorate has attached 211 properties valued at approximately Rs 647 crore in connection with an ongoing money-laundering investigation against Pancard Clubs Ltd and its associated entities. The probe stems from a cheating case originally registered by the Dadar police in Mumbai in 2021, involving the alleged duping of more than 50 lakh investors across the country.
The seized assets encompass a wide array of holdings, including commercial office spaces, luxury hotels, operational resorts, agricultural plots, and residential premises. These properties are spread across Maharashtra, Kerala, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana, and Dadra and Nagar Haveli. The agency noted that the titles were held under Pancard Clubs Ltd, Panoramic Universal Ltd, various subsidiary firms, beneficial owners, and their family members.
According to the central agency, key individuals behind the operation set up a web of 46 corporate entities under the Panoramic Group banner. The group allegedly ran unauthorized Ponzi schemes under the guise of timeshare holiday memberships and the 'Sale of Room Nights'. Through these offerings, the accused entities lured over 50 lakh investors nationwide by promising unrealistic financial returns.
Investigators revealed that Pancard Clubs Ltd fraudulently mobilized a total of Rs 9,577 crore from public depositors between the financial years 1997-98 and 2017-18. Out of the collected funds, the company returned only Rs 2,858 crore to investors over the two-decade span. A further Rs 2,332 crore was disbursed as commissions to agents who brought in new depositors.
The remaining Rs 4,387 crore was categorized by the Enforcement Directorate as proceeds of crime. The agency stated that this balance was retained, siphoned off, and diverted by the accused entities and key individuals into real estate assets and other holdings that have now been placed under provisional attachment.
