The Enforcement Directorate has provisionally attached equity shares of Industrial Investment Trust Limited, held by N.N. Financial Services Private Limited, in connection with the PACL case.
The 29,46,341 shares, currently worth about ₹42.13 crore, have been attached under the Prevention of Money Laundering Act. They were bought for a consideration of ₹30.90 crore.
“The investigation revealed that equity shares of Industrial Investment Trust Limited, held by N.N. Financial Services Private Limited, were financed using funds diverted from PACL, which were originally collected from gullible investors, constituting proceeds of crime,” said the agency on Saturday (September 19, 2026).
The ED has attached movable and immovable properties worth ₹29,667.76 crore, including assets located in India and abroad, in the case so far.
The ED probe is based on a case registered by the Central Bureau of Investigation, which has filed a chargesheet and a supplementary chargesheet against 33 accused persons.
The accused entities and persons operated an illegal collective investment scheme, fraudulently mobilising over ₹48,000 crore from lakhs of investors across India on the pretext of sale and development of agricultural land.
“Investors were induced to invest under Cash Down Payment and Instalment Payment Plans, and were made to sign misleading documents such as agreements, powers of attorney and other instruments. In most cases, land was never delivered, and approximately ₹48,000 crore remains unpaid to investors,” said the ED.
The ED initiated its investigation in 2016 and filed a prosecution complaint in 2018, followed by six supplementary prosecution complaints in 2022, 2025, and 2026, against various accused persons and entities.
Published – September 19, 2026 02:38 pm IST
