2 hrs ago
ED Attaches 211 Pancard Clubs Properties Worth Rs 646.58 Crore
The Enforcement Directorate has seized or frozen 211 properties linked to Pancard Clubs Ltd.
These properties are worth about Rs 646.58 crore.
They include hotels, offices, resorts, farms and homes in several parts of India.
The agency says the company and related groups collected money from more than 51 lakh investors.
The money was collected through holiday memberships and promises of large returns, according to the agency.
ED says much of the money was moved through other companies and used to buy valuable property.
It also says one property was sold using a board document with the signature of a director who had already died.
The action is meant to stop further transfers of the properties while the case proceeds.
The Enforcement Directorate attached 211 immovable properties valued at Rs 646.58 crore under the Prevention of Money Laundering Act.
The assets include offices, hotels, resorts, agricultural land and homes across nine states and Dadra and Nagar Haveli.
ED alleges that Pancard Clubs Ltd and associated entities operated illegal Ponzi schemes involving more than 51 lakh investors.
The agency said Pancard Clubs collected Rs 9,577 crore between 1997-98 and 2017-18, returning Rs 2,858 crore to depositors.
ED said funds were layered through shell companies and used to acquire properties, while a 7.08-hectare Panvel property was allegedly sold using a forged board resolution.
- Who
- The Enforcement Directorate investigated Pancard Clubs Ltd, Panoramic Universal Ltd, their subsidiaries, family members and alleged beneficial owners.
- What
- The ED attached 211 immovable properties valued at Rs 646.58 crore under the Prevention of Money Laundering Act.
- Where
- The properties are located across Maharashtra, Kerala, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana and Dadra and Nagar Haveli.
- When
- The attachment was announced on Thursday; the alleged investor collections occurred between 1997-98 and 2017-18, and an earlier foreign-property attachment was confirmed on October 9, 2025.
- Why
- The ED alleges that proceeds from illegal Ponzi schemes were diverted into real estate and that some assets were transferred to frustrate legal proceedings.
Key facts
- Attached properties
- 211 immovable properties
- Total value
- Rs 646.58 crore
- Alleged investors affected
- More than 51 lakh
- Alleged collections
- Rs 9,577 crore between 1997-98 and 2017-18
- Amount returned to depositors
- Rs 2,858 crore
- Alleged proceeds of crime
- Rs 4,387 crore
- Earlier foreign attachment
- 30 properties in the USA, UAE and Thailand valued at Rs 54.31 crore
Quotes
Enforcement Directorate
India’s federal financial crime investigation agency
“the illegal funds were systematically layered through various shell and dummy companies, including Shagun Tradelinks Pvt Ltd, and injected into associate entities like Panoramic Universal Ltd and its domestic and overseas subsidiaries.”
republicworld.com
“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.”
republicworld.com
Sources
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