ED attaches immovable assets worth Rs.185 Crore of DDPL Global Infrastructure Private Limited
Enforcement Directorate (ED) has provisionally attached immovable assets in the form of land ad-measuring 3,39,984.2 square meters (valued at approx. Rs.185 crores as per govt. rates) and movable assets amounting to Rs.7,51,78,480/- in the form of bank balances belonging to M/s DDPL Global Infrastructure Private Limited (DDPL), M/s Unicorn Infraprojects and Estates Private Limited (Unicorn) and M/s Brightview Projects and Estates Private Limited under Prevention of Money Laundering Act, 2002 in the case of M/s PACL India Limited and Others.
M/s PACL India Limited (PACL) collected money from the public under several programmes in exchange for plots in various parts of the country or the option to take back their expected preliminary value of land in lieu of the allotted plot under the scheme at maturity. Through its agents and local office, M/s PACL was handling real estate and agricultural land sales around the country. M/s PACL gained a twofold benefit by obtaining simple equity for land acquisition and afterwards profiting from land price appreciation. M/s PACL had amassed funds in the millions of rupees from investors across India. According to the investigation, the directors of M/s PACL skimmed off funds received from investors and invested them in numerous organisations for personal gain.
M/s PACL transferred Rs.101 crores (investor money) to M/s Dhanashree Developers Private Limited, of which Rs.26 crores was transferred to M/s DDPL Global Infrastructure Private Limited, according to the ED investigation. PACL also deposited Rs.2285.79 crores to Shri Prateek Kumar, who had invested Rs.94.61 crores in M/s DDPL and M/s Unicorn. Through its 25 front businesses, PACL also contributed Rs.110.95 crores to Systematix Venture Capital Trust, which was invested in M/s DDPL and M/s Unicorn in the form of OFCD and stock.
DDPL and Unicorn purchased land tracts in Vasai, Village Tiwri, District Palgarh, Maharashtra, with cash received from PACL through various methods. DDPL and Unicorn entered into several agreements with various entities for the sale of FSI and the development of residential and commercial projects, all of which resulted in large profits for the two companies. Land measuring 3,39,984.2 square metres and bank balances of Rs.7,51,78,480/- have been attached at this stage of the investigation.
The ED investigation also revealed that DDPL and Unicorn’s shareholdings were constantly modified in order to legalise the cash received from M/s PACL and ensure that the assets were not taken over and transferred to investors. To evade official examination, the strategy was skillfully devised to conceal the true benefactor of the property and shares. Sh. Hemant Patil and Sh. Dharmesh P Shah, the shareholders of M/s DDPL and M/s Unicorn, have claim to these assets despite never spending any significant capital in the companies.
The investigation into locating the remaining proceeds of crime is ongoing.