The Enforcement Directorate (ED) launched a series of coordinated raids at over 15 locations across four states in connection with the Rs 48,000 crore Pearl Agro Corporation Limited (PACL) investor fraud case. Among the prominent sites searched was the Mohali residence of Aam Aadmi Party (AAP) MLA and real estate businessman Kulwant Singh.
Sources confirmed that ED teams carried out early morning searches at Kulwant Singh’s home as part of the broader probe into one of the country’s biggest Ponzi schemes. The scam, which involves PACL and its associates, allegedly duped lakhs of investors by promising lucrative returns on agricultural land investments.
The multi-crore fraud is linked to late Nirmal Singh Bhangoo, the founder of PACL. An FIR has recently been filed against Bhangoo’s associates for the illegal disposal of properties belonging to PACL and its related entities, further intensifying the ongoing investigation.
According to ED officials, today’s raids spanned multiple states — including Punjab, Haryana, Rajasthan, and Delhi — targeting individuals and premises suspected of being involved in laundering proceeds from the fraudulent scheme.
While the ED has not yet made any formal statement specifically implicating Kulwant Singh in the scam, his name surfacing in connection with the high-profile investigation has sparked political ripples. AAP has yet to issue an official response to the development.
