The directorate of enforcement (ED) has provisionally attached 2.94mn (million) or 29.4 lakh equity shares of Industrial Investment Trust Ltd (IITL), currently valued at ₹42.13 crore, in its ongoing money-laundering investigation into the alleged ₹48,000 crore financial fraud involving PACL Ltd and related entities. The shares are held by NN Financial Services Pvt Ltd and were originally acquired for ₹30.90 crore.
According to ED, its investigation found that the investment in IITL shares was financed with funds allegedly diverted from PACL, which had been collected from investors through the company's collective investment scheme. The agency has, therefore, treated the shares as proceeds of crime under the Prevention of Money Laundering Act (PMLA), 2002.
The latest attachment was made by the ED's Delhi zonal office and is based on its ongoing investigation arising from a central bureau of investigation (CBI) case.
ED said its investigation was initiated following a first information report (FIR) registered by CBI under Sections 120-B and 420 of the Indian Penal Code, 1860. CBI subsequently filed a charge-sheet and a supplementary charge-sheet against 33 accused persons in connection with the alleged operation of an illegal investment scheme.
According to the charge-sheets, the accused entities and individuals allegedly ran a large-scale collective investment scheme under which more than ₹48,000 crore was mobilised from lakhs of investors across India.
Investors were allegedly induced to invest in the scheme on the promise of the sale and development of agricultural land. The scheme operated through cash down payment and instalment payment plans, with investors made to sign agreements, powers of attorney and other documents.
ED said that, in most cases, the promised land was never delivered and around ₹48,000 crore remains unpaid to investors.
ED's latest action centres on the 2.94mn shares of IITL held by NN Financial Services. As of 18 September 2026, their market value stood at ₹42.13 crore, based on a market price of ₹143 per share.
ED's investigation allegedly established that funds diverted from PACL were used to finance the acquisition of these shares. Since the underlying funds were originally collected from investors, the agency has classified the investment as proceeds of crime.
ED recorded an enforcement case information report (ECIR) in the matter in 2016. It filed its first prosecution complaint in 2018 and has subsequently filed six supplementary prosecution complaints in 2022, 2025 and 2026 against various persons and entities allegedly involved in the money-laundering offence.
The agency's latest action is part of the wider asset-tracing exercise in the PACL case.
With the attachment of the IITL shares, ED said it has so far attached movable and immovable properties worth around ₹29,667.76 crore. The assets include properties located in India as well as overseas.
Further investigation in the case is under progress, ED said.
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