ED Mumbai Zonal office conducts raids in Mumbai, Delhi in connection with collective investment scheme
ED initiated investigation based on a FIR registered by Economic Offence Wing Mumbai under various sections of IPC, 1860 and the Maharashtra Protection of Interest of Depositors (in Financial Establishment) Act, 1999 (MPID) against M/s Pancard Clubs Limited and others.
ANI
Mar 03, 2025 18:19 IST
Mumbai (Maharashtra) [India], March 3 (ANI): The Directorate of Enforcement (ED), Mumbai Zonal office, conducted a search operation at four premises in Mumbai and Delhi on February 25, under the provisions of the Prevention of Money-Laundering Act (PMLA), 2002.
The raids were conducted in connection with a case of Collective Investment Scheme in violation of SEBI Act, 1992 r/w SEBI (CIS) Regulations, 1999 against M/s Pancard Clubs Limited (PCL) & others, where more than 50 Lakh investors were allegedly duped of more than Rs 4,500 Crore.
ईडी, मुंबई आंचलिक कार्यालय ने मेसर्स पैनकार्ड क्लब्स लिमिटेड (पीसीएल) और अन्य के खिलाफ सामूहिक निवेश योजना के उल्लंघन के मामले में पीएमएलए, 2002 के प्रावधानों के तहत 28.02.2025 को मुंबई और दिल्ली में 4 परिसरों में तलाशी अभियान चलाया। तलाशी अभियान के दौरान, विभिन्न आपत्तिजनक…
— ED (@dir_ed) March 3, 2025
During the search operations, various incriminating documents having details of overseas assets presently being operated by family members of the main accused, Late Sudhir Moraveker, the then Director of M/s Pancard Clubs Limited, have been found and seized. Further, it has also been found that these assets have been yielding lease rental income, the agency stated. 
ED initiated an investigation based on an FIR registered by Economic Offence Wing Mumbai under various sections of IPC, 1860 and the Maharashtra Protection of Interest of Depositors (in Financial Establishment) Act, 1999 (MPID) against M/s Pancard Clubs Limited and others.
ED investigation revealed that M/s Pancard Clubs Ltd. and its Directors floated various investment schemes of different duration ranging from 3 to 9 years, with a promise of hotel discounting, accidental insurance and other benefits including high rate of returns against the deposits made by the public, ignoring prevailing norms of SEBI or Reserve Bank of India (RBI).
The search operation further revealed documentary evidence showing that attempts were made to dispose of the assets, prima facie being part of Proceeds of Crime, by the co-accused and the family members. Digital records were also found and seized during the search operation, the agency stated.
Further investigation is underway. (ANI)
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