ED Attaches 211 Properties Worth ₹646.58 Crore In Pancard Clubs Money-Laundering Case

Mumbai, October 1, 2026: The Enforcement Directorate (ED) Mumbai Zonal Office has provisionally attached 211 immovable properties worth approximately Rs 646.58 crore under the Prevention of Money Laundering Act (PMLA) in its investigation into alleged fraud by Pancard Clubs Limited and entities linked to the Panoramic Group, officials said on Thursday.

The provisionally attached assets comprise commercial office spaces, luxury hotels, operational resorts, agricultural lands, and residential properties located across Maharashtra, Kerala, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana, and Dadra & Nagar Haveli. These properties are held in the names of M/s Pancard Clubs Limited (PCL), M/s Panoramic Universal Limited, their various subsidiary concerns, as well as family members and beneficial owners.

ED Probe Into Panoramic Group

The ED initiated its investigation on the basis of an FIR registered by the Dadar Police Station in Mumbai, which was subsequently transferred to the Economic Offences Wing (EOW) of the Mumbai Police. The EOW filed a chargesheet on December 31, 2021, before the Special MPID Court, Mumbai.

Investigation conducted by the ED revealed that persons involved in this case established a network of 46 corporate entities under the Panoramic Group. The accused entities floated illegal Ponzi schemes under the façade of "Sale of Room Nights" and timeshare holiday memberships, inducing over 51 lakh gullible investors across India with promises of unrealistic returns.

The agency alleged that PCL collected approximately Rs 9,577 crore from investors between 1997-98 and 2017-18. Of this, around Rs 2,858 crore was returned to depositors, while Rs 2,332 crore was allegedly paid as agent commissions. The ED has identified approximately Rs 4,387 crore as alleged proceeds of crime that were retained and diverted by the accused entities and individuals.

Funds Allegedly Layered Through Shell Companies

The agency's probe further revealed that the illegal funds were systematically layered through various shell/dummy companies, including M/s Shagun Tradelinks Pvt. Ltd., and injected into associate entities like M/s Panoramic Universal Limited and its domestic and overseas subsidiaries.

These proceeds of crime were subsequently integrated to acquire high-value real estate properties, resorts, and commercial units across India and abroad in the names of group companies, directors, and their family members, projecting them as untainted properties.

Panvel Property Sale Under Probe

The agency has also alleged that attempts were made to alienate properties that had previously been attached by the Securities and Exchange Board of India (SEBI) and the MPID authorities.

One such property, measuring 7.08 hectares at Kalhe village in Panvel, Raigad, was allegedly sold despite existing attachment orders. According to the ED, the transaction was executed using a purportedly forged board resolution carrying the signature of a deceased director, Usha Arun Tari, who died on September 11, 2018, and was executed on behalf of a struck-off entity.

The ED said the alleged transaction prompted it to invoke Section 5(1) of the PMLA to prevent further unlawful transfers/alienation of properties.

Total Attachments Reach Rs 700.89 Crore

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 and valued at approximately Rs 54.31 crore. The properties belonged to foreign subsidiaries of Panoramic Universal Limited and the late Sudhir Moravekar. The attachment was confirmed by the PMLA Adjudicating Authority on October 9, 2025.

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With the latest attachment, the total value of assets provisionally attached by the ED under the PMLA in the case so far stands at approximately Rs 700.89 crore, the agency said.

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