ED Attaches 211 Properties Worth Rs. 646.58 Crore in Pancard Clubs Money Laundering Case

The Directorate of Enforcement (ED), Mumbai Zonal Office-I, has provisionally attached 211 immovable properties valued at approximately Rs. 646.58 crore in the money laundering case involving Pancard Clubs Limited (PCL) and others. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The attached properties include commercial office spaces, luxury hotels, operational resorts, agricultural land and residential properties located across Maharashtra, Kerala, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana and Dadra & Nagar Haveli. According to the ED, the properties are held in the names of Pancard Clubs Limited, Panoramic Universal Limited, their subsidiaries, family members and beneficial owners.

The ED initiated its investigation under the PMLA on the basis of an FIR registered by Dadar Police Station, Mumbai, which was subsequently taken up by the Economic Offences Wing (EOW), Mumbai Police. The EOW filed a chargesheet before the Special MPID Court, Mumbai, on December 31, 2021.

According to the ED’s investigation, the persons involved had established a network of 46 corporate entities under the Panoramic Group. The agency alleged that these entities operated illegal Ponzi schemes under the façade of “Sale of Room Nights” and timeshare holiday memberships, attracting more than 51 lakh investors across India with promises of unrealistic returns.

The ED said Pancard Clubs Limited had fraudulently collected approximately Rs. 9,577 crore from investors between 1997-98 and 2017-18. Of this amount, Rs. 2,858 crore was reportedly returned to depositors, while Rs. 2,332 crore was paid as agent commissions. The agency has identified approximately Rs. 4,387 crore as Proceeds of Crime, allegedly retained and diverted by the accused entities and key individuals.

The investigation further revealed, according to the ED, that the alleged illegal funds were layered through various shell and dummy companies, including Shagun Tradelinks Pvt. Ltd. The funds were subsequently injected into associate entities such as Panoramic Universal Limited and its domestic and overseas subsidiaries.
The ED alleged that these Proceeds of Crime were subsequently used to acquire high-value real estate properties, resorts and commercial units in India and abroad. These assets were allegedly acquired in the names of group companies, directors and their family members and projected as untainted properties.

The ED also said its investigation uncovered an alleged attempt to frustrate legal proceedings through the transfer of assets that had previously been attached by SEBI and MPID authorities. One such property, measuring 7.08 hectares at Village Kalhe, Panvel, Raigad, was allegedly sold despite existing attachment orders. According to the agency, the transaction was carried out using a forged Board Resolution bearing the signature of late director Usha Arun Tari, who died on September 11, 2018, on behalf of a struck-off entity. The ED subsequently took provisional attachment action under Section 5(1) of the PMLA to prevent further unlawful transfer or alienation of the property.

The ED had earlier, in 2025, provisionally attached 30 immovable properties located in the USA, UAE and Thailand, valued at approximately Rs. 54.31 crore. These properties were stated to belong to foreign subsidiaries of Panoramic Universal Limited and the late Sudhir Moravekar. The attachment was confirmed by the Adjudicating Authority under the PMLA on October 9, 2025.

With the latest action, the total value of Proceeds of Crime provisionally attached by the ED in the case so far has reached approximately Rs. 700.89 crore, according to the agency. Further investigation is underway.