Jaipur, April 15
The Enforcement Directorate (ED) on Tuesday conducted raids at multiple locations linked to former Rajasthan Minister and senior Congress leader Pratap Singh Khachariyawas in connection with the Rs 48,100 crore PACL scam.
The operation began around 5 a.m. at 19 locations, including Khachariyawas's residence in Jaipur and other properties across the state.
The raids were being conducted by the Delhi team of ED, with local Jaipur units expected to join and assist shortly. According to ED sources, the action pertains to alleged money laundering and property investments linked to Rs 2,850 crore, reportedly transferred in the names of Pratap Singh and his family members.
A significant portion of the funds is suspected to have been diverted into real estate and other assets.
The PACL scam is one of India's largest financial frauds, where over 5.85 crore investors across the country were duped of their money under the guise of real estate investments. In Rajasthan alone, approximately 28 lakh people had invested around Rs 2,850 crore in 17 years. The scam came to light following an investigation by SEBI, which deemed PACL's investment schemes illegal and ordered the company to shut down its operations on August 22, 2014.
Investors’ funds remained locked after the closure. In February 2016, the Supreme Court appointed a committee under the chairmanship of former Chief Justice R.M. Lodha to recover funds by auctioning PACL’s assets and refunding the affected investors with interest.