Panchkula, Sept. 19 -- The directorate of enforcement (ED) has provisionally attached immovable properties valued at Rs.696.21 crore in Panchkula as part of its ongoing investigation into M/s PACL Limited and its associates under the Prevention of Money Laundering Act (PMLA).

The ED's investigation is based on an FIR filed by the Central Bureau of Investigation (CBI) on February 19, 2014, against M/s PACL Ltd., M/s PGF Ltd., the late Nirmal Singh Bhangoo, and others. The FIR was registered under Sections 120-B and 420 of the Indian Penal Code (IPC).

The case involves a large-scale fraudulent collective investment scheme operated by PACL. Through this scheme, the company and its associates deceitfully raised and misappropriated approxima...