ED Attaches 211 Properties Worth ₹646.58 Crore in Pancard Clubs Money-Laundering Case
Mumbai: The Enforcement Directorate (ED), Mumbai, has provisionally attached 211 immovable properties valued at approximately ₹646.58 crore in connection with its money-laundering investigation into Pancard Clubs Limited (PCL) and other entities linked to the Panoramic Group. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The latest attachment covers a wide range of properties, including commercial office spaces, luxury hotels, operational resorts, agricultural land and residential properties. These assets are spread across several states and Union Territories, including 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 of people associated with the entities and other beneficial owners.
The investigation relates to an alleged Ponzi scheme operated under the guise of “Sale of Room Nights” and timeshare holiday memberships. The ED said that a network of 46 corporate entities under the Panoramic Group was allegedly used in connection with the scheme, which attracted more than 51 lakh investors across India by offering what the agency described as unrealistic returns.
The ED’s probe originated from an FIR registered at Dadar Police Station in Mumbai, which was subsequently taken over by the Mumbai Police’s Economic Offences Wing (EOW). The EOW later filed a chargesheet before the Special MPID Court in Mumbai on December 31, 2021.
The agency has alleged that funds collected from investors were routed through multiple corporate entities and subsequently used to acquire high-value properties and other assets. Investigators are examining the financial trail to determine how the alleged proceeds of crime were moved and invested.
The ED has also alleged that some properties were acquired through group companies, directors, family members and other beneficial owners, with transactions structured in a manner that allegedly sought to present the assets as legitimate.
One of the properties under scrutiny is a 7.08-hectare property in Kalhe village, Panvel, Raigad, which the agency said was allegedly sold despite earlier attachment orders issued by SEBI and the MPID Competent Authority. According to the ED, the transaction involved a purportedly forged board resolution carrying the signature of a deceased director.
The latest action follows an earlier ED attachment in 2025, when the agency provisionally attached 30 immovable properties located in the US, UAE and Thailand, valued at approximately ₹54.31 crore. That attachment was subsequently confirmed by the PMLA Adjudicating Authority on October 9, 2025.
With the latest attachment of 211 properties, the total value of assets provisionally attached in the Pancard Clubs case has risen to approximately ₹700.89 crore, according to the ED.
The investigation remains ongoing as the agency continues to examine the financial transactions, ownership of the properties and the movement of funds allegedly connected with the case. The allegations are part of an ongoing investigation and remain subject to the legal and judicial process.
News source: Information for this article was gathered from a variety of reliable news outlets.
