Pancard Clubs case: ED attaches 211 properties valued at Rs 646 cr

The ED has attached 211 properties worth Rs 646.58 crore in the Pancard Clubs Ltd case under PMLA. The group allegedly ran a Ponzi scheme, duping 51 lakh investors of Rs 4,387 crore by promising unrealistic returns on holiday memberships.

The Enforcement Directorate (ED) on Thursday said it has attached 211 immovable properties amounting to Rs 646.58 crore under the Prevention of Money Laundering Act (PMLA), 2002, in the case of Pancard Clubs Ltd and others.

The attached assets comprise commercial office spaces, luxury hotels, operational resorts, agricultural lands and residential properties located across Maharashtra, Keralam, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana, as well as Dadra and Nagar Haveli. These properties are held in the names of Pancard Clubs Ltd (PCL), Panoramic Universal Ltd, their various subsidiary concerns, as well as family members and beneficial owners.

Basis of Investigation

The ED investigation was initiated under the provisions of the PMLA, 2002, based on a First Information Report (FIR) registered by Dadar Police Station, Mumbai, later Economic Offences Wing (EOW), Mumbai Police, against Pancard Clubs Ltd and others. The EOW Mumbai Police subsequently filed a chargesheet on December 13, 2021, before a special court in Mumbai.

Illegal Ponzi Scheme Uncovered

Investigation conducted by the ED’s Mumbai Zonal Office-I, which attached the properties, revealed that persons involved in the case established a network of 46 corporate entities under the Panoramic Group. “The accused entities floated illegal Ponzi schemes under the façade of ‘Sale of Room Nights’ and timeshare holiday memberships, inducing over 51 lakh gullible investors across India with promises of unrealistic returns,” the federal agency said in a statement.

As per the ED, PCL fraudulently collected Rs 9,577 crore from investors between 1997-98 and 2017-18. Out of the total collections, only Rs 2,858 crore was returned to depositors, while Rs 2,332 crore was paid as agent commissions, leaving Rs 4,387 crore as Proceeds of Crime retained and diverted by the accused entities and key individuals.

Laundering of Illegal Funds

The ED investigation further revealed that “the illegal funds were systematically layered through various shell and dummy companies, including Shagun Tradelinks Pvt Ltd, and injected into associate entities like Panoramic Universal Ltd and its domestic and overseas subsidiaries.” “These Proceeds of Crime were subsequently integrated to acquire high-value real estate properties, resorts, and commercial units across India and abroad in the names of group companies, directors, and their family members, projecting them as untainted properties.”

Fraudulent Alienation of Assets

The investigation also revealed a “deliberate attempt to frustrate legal proceedings through the fraudulent alienation of assets previously attached by SEBI and MPID authorities.” “An immovable property admeasuring 7.08 Hectares at Village Kalhe, Panvel, Raigad, was unauthorizedly sold, despite the existing attachment orders by SEBI and the MPID Competent Authority. This transaction was executed using a forged Board Resolution bearing the signature of a deceased director, Late Usha Arun Tari (who passed away on September 11, 2018), on behalf of a struck-off entity. Prompt provisional attachment action was therefore taken under Section 5(1) of PMLA to prevent further unlawful transfers/ alienation of properties,” the agency said.

Total Assets Attached

Earlier, the ED had issued a Provisional Attachment in 2025, attaching 30 immovable properties situated outside India, in the USA, UAE and Thailand, valued at Rs 54.31 crore, belonging to the foreign subsidiaries of Panoramic Universal Ltd and late Sudhir Moravekar. The attachment was confirmed by the Adjudicating Authority (PMLA) on October 9, 2025. Accordingly, the total value of Proceeds of Crime provisionally attached under PMLA by the ED in this case so far stands at Rs 700.89 crore. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)