Pancard Clubs Ltd and others allegedly defrauded more than 50 lakh investors of Rs 4,387 crore
Mumbai: Enforcement Directorate has attached 211 properties worth around Rs 647 crore in a money-laundering case against Pancard Clubs Ltd and others for allegedly defrauding more than 50 lakh investors of Rs 4,387 crore. In 2021, Dadar police had registered a cheating case against the accused.
ED alleged that the accused had 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 50 lakh investors across India with promises of unrealistic returns, said ED. Pancard Clubs Ltd allegedly fraudulently collected Rs 9,577 crore from investors between 1997-98 and 2017-18. Out of the total collections, only Rs 2,858 crore was returned to depositors, while Rs 2,332 crore was paid as agent commissions, leaving Rs 4,387 crore as proceeds of crime retained and diverted by the accused entities and key individuals.
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