Enforcement Directorate probes PACL
- The Enforcement Directorate (ED) has initiated an inquiry against PACL for alleged money laundering under the Prevention of Money Laundering Act.
- SEBI had found that the company had raised about Rs 49,100 crore from 50 million investors through a collective investment scheme, which is illegal.
- The mobilization of funds by PACL dates back to 1990s.
- The ED’s decision comes on the heels of a SEBI order, issued a fortnight ago, to attach all the assets of the company and its directors.