Mumbai, October 8, 2026: The Enforcement Directorate (ED) has provisionally attached 48 immovable properties in Mumbai, Pune and Raigad worth Rs 567.45 crore in connection with its ongoing money-laundering investigation involving an alleged large-scale financial fraud linked to the collective investment scheme operated by Pearl Agrotech Corporation Limited (PACL).
The properties are held in the names of Prateek Kumar, his son Ansh Prateek Kumar and three companies — Beaming Infradevelopers Pvt Ltd, Ganraj Properties Pvt Ltd and Greenfield Estates Ltd. According to the ED, the three companies are beneficially owned and controlled by Kumar. The agency has alleged that the properties were acquired using funds diverted from PACL, which had originally been collected from investors, and has treated the alleged diversion as proceeds of crime under the Prevention of Money Laundering Act (PMLA).
With the latest attachment, the agency has so far attached movable and immovable assets worth approximately Rs 30,235.21 crore in the case, including properties and other assets located in India and abroad.
CBI Probe Into Investment Scheme
The ED's probe was initiated on the basis of an FIR registered by the Central Bureau of Investigation (CBI), New Delhi, under Sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code. The CBI subsequently filed a chargesheet and a supplementary chargesheet against 33 accused persons in connection with the alleged operation of an illegal investment scheme.
According to the CBI chargesheets, PACL and related entities allegedly mobilised more than Rs 48,000 crore from lakhs of investors across the country through a collective investment scheme presented as the sale and development of agricultural land. Investors were allegedly induced to invest through cash-down-payment and instalment-payment plans and were required to execute agreements, powers of attorney and other documents.
Rs 48,000 Crore Allegedly Unpaid
The investigating agency has alleged that in most cases the promised land was not delivered, leaving around Rs 48,000 crore unpaid to investors.
The ED registered an Enforcement Case Information Report (ECIR) in the case in 2016 and filed its first prosecution complaint in 2018. It subsequently filed six supplementary prosecution complaints in 2022, 2025 and 2026 against various accused persons and entities in connection with the alleged laundering of proceeds of crime.
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Kumar was arraigned as accused number 13 in the first supplementary prosecution complaint filed in August 2022. The Special Court took cognisance of the complaint in September 2022. An open-ended non-bailable warrant was subsequently issued against Kumar on April 9, 2025, the ED said.
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