ED Attaches Overseas Assets Worth ₹54.32 Crore Linked To Panoramic Universal In Pancard Clubs Fraud Case

Mumbai: The Enforcement he Directorate (ED) has provisionally attached 30 overseas assets worth Rs 54.32 crore in connection with the multi-crore Pancard Clubs investment fraud case. The assets are held in the names of overseas subsidiaries of Mumbai-based Panoramic Universal Ltd (PUL) and the late Sudhir Moravekar, the prime accused in the case. The attached assets include 22 properties in Thailand, six in the United Arab Emirate and two in the United States of America.

The attachments are part of the ED’s ongoing probe into the alleged diversion of investor funds by M/s Pan Card Ltd (PCL) between 1997 and 2017. The Economic Offences Wing (EOW) of the Mumbai Police had earlier filed a case against the company for unauthorisedly raising funds from around 51 lakh investors across India, with over Rs 5,000 crore remaining unpaid to many of these investors.

EOW has filed a chargesheet against PCL, PUL, 44 associated companies, six directors, and five marketing representatives under various provisions of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.

The case centres on a large-scale Ponzi scheme allegedly run by Pancard Clubs Ltd(PCL),a company promoted by Moravekar and closely linked to PUL. PCL collected thousands of crores from lakhs of small investors, primarily from lower and middle-income groups, through so-called 'holiday membership plans' that offered hotel stays and travel packages. These investment schemes promised assured returns and various travel-related benefits.

The schemes had been operational since the early 2000s and were run without valid regulatory approval under the Collective Investment Scheme (CIS) framework of the Securities and Exchange Board of India (SEBI), and the Reserve Bank of India (RBI), ED officials said.

ED’s investigation has so far revealed that approximately Rs 99 crore in proceeds of crime(PoC) were allegedly diverted from PCL to PUL, in addition to funds routed to the personal accounts of family members of deceased accused Sudhir Moravekar.

It was also found that in 2002, PUL acquired a hotel in New Zealand through Overseas Direct Investment (ODI). The property was later sold off and the wholly owned subsidiary in New Zealand was closed without notifying the Reserve Bank of India or authorised banks. Similar ODI-linked investments were made in the US, UAE, Thailand, and Singapore, involving remittances of nearly Rs100 crore between 2002 and 2014.

Assets were purchased in the names of these foreign subsidiaries. The ED noted that Moravekar’s two sons were allegedly planning to liquidate some of these properties located in the US and UAE.

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