ED Seizes 30 Overseas Assets Linked to Mumbai-Based Panoramic Universal Ltd in Pancard Clubs Fraud Investigation
New Delhi [India], May 8 (ANI): The Enforcement Directorate has initiated ( ED ) has temporarily connected 30 international units assets maintained under the names of foreign subsidiary companies Mumbai -based Panoramic Universal Ltd ( PUL and accused the late Sudhir Moravekar of this Pancard Clubs investment fraud case .
The attached international properties consist of 22 locations in Thailand, six in the United Arab Emirates, and two in the USA.
Mumbai The Zonal Office has included all of these documents. assets , which were obtained through total payments amounting to Rs 54.32 crore during the period from 2002 to 2015.
ED launched an inquiry following the FIR filed by the Economic Offences Wing (EOW) regarding violations of multiple sections of the Indian Penal Code, 1860.
Between 1997 and 2017, ED stated in an announcement, Pan Card Limited (PCL) illicitly gathered investment Amounts from approximately 51 lakh investors throughout India were not returned, totaling over Rs 5,000 crore for numerous such investors.
The EOW has submitted a chargesheet against PCL. PUL and 44 other related companies, six directors of PCL and five marketing representatives of PCL under various sections of IPC, 1860, and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act,1999.
ED investigation revealed that Proceeds of Crime (POC) amounting to around Rs 99 crore were diverted from PCL to PUL apart from diversion of POC to the personal accounts of family members of deceased accused Sudhir Moravekar.
"It is also revealed that during 2002, a hotel in New Zealand was bought through Overseas Direct Investments (ODI) by PUL ," said the ED ,
"Later the asset was sold off and the Wholly Owned Subsidiary in New Zealand was closed without duly reporting to RBI/Bank. ODI investment s were also made in USA, UAE, Thailand, Singapore and remittances equivalent to Rs 100 rore (approx.) were sent during the period from 2002 to 2014. Assets were acquired in the name of these overseas subsidiary entities."
It is also revealed that both the sons of late Sudhir Moravekar were planning to sell off some of these assets in USA and UAE, the ED added. (ANI)
