The directorate of enforcement (ED) has provisionally attached 211 immovable properties valued at around ₹646.58 crore in its money-laundering investigation into Pancard Clubs Ltd (PCL) and other entities linked to the Panoramic group.
The attached assets include commercial office spaces, luxury hotels, operational resorts, agricultural land and residential properties spread across Maharashtra, Kerala, Uttarakhand, Goa, Rajasthan, Himachal Pradesh, Madhya Pradesh, Telangana and Dadra and Nagar Haveli.
According to ED, the properties are held in the names of Pancard Clubs, Panoramic Universal Ltd, their subsidiaries, family members and beneficial owners.
With this latest action, the total value of assets provisionally attached in the case has risen to around ₹700.89 crore, including properties worth ₹54.31 crore attached in 2025 in the US, the UAE and Thailand, the agency said.
ED said the action was necessary to prevent further unlawful transfers or disposal of properties allegedly acquired using proceeds of crime.
ED investigation stems from a first information report (FIR) registered by Dadar police station in Mumbai against Pancard Clubs and others. The case was subsequently taken up by the economic offences wing (EOW) of Mumbai police, which filed a chargesheet before the Special MPID Court in Mumbai on 31 December 2021.
According to ED, the accused established a network of 46 corporate entities under the Panoramic group and allegedly operated illegal Ponzi schemes under the guise of selling room nights and timeshare holiday memberships.
These schemes allegedly attracted more than 51 lakh investors across India by promising unrealistic returns.
The agency said Pancard Clubs collected ₹9,577 crore from investors between the financial years (FY)97-98 and FY17-18. Of this amount, ₹2,858 crore was returned to depositors, while ₹2,332 crore was paid as commissions to agents.
ED has calculated that the remaining ₹4,387 crore constituted proceeds of crime allegedly retained and diverted by the accused entities and key individuals.
The agency's findings point to a substantial gap between the money collected and the amounts returned to investors. However, the figures and allegations form part of the ongoing investigation and must be read in that context.
ED said its investigation revealed that funds collected from investors were routed through multiple shell or dummy companies to conceal their origin and eventual use.
One of the entities identified by the agency was Shagun Tradelinks Pvt Ltd. The alleged proceeds of crime were subsequently transferred to associated businesses, including Panoramic Universal and its subsidiaries in India and overseas.
According to the agency, the funds were then used to acquire high-value real estate, resorts and commercial properties in India and abroad.
These assets were allegedly registered in the names of group companies, directors and their family members, allowing properties acquired using the suspected proceeds of crime to be presented as legitimate assets.
ED is also examining the movement of funds through this corporate network and the acquisition of properties allegedly linked to the investor collections.
The agency has also flagged what it described as an attempt to frustrate legal proceedings through the unauthorised transfer of assets that had previously been attached by the Securities and Exchange Board of India (SEBI) and the competent authority under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, or MPID Act.
The property in question measures 7.08 hectares at Village Kalhe in Panvel, Raigad district, Maharashtra.
According to ED, the land was sold despite existing attachment orders issued by SEBI and the MPID competent authority.
The agency alleged that the transaction was carried out using a forged board resolution bearing the signature of Usha Arun Tari, a director who died on 11 September 2018. The resolution was purportedly executed on behalf of an entity that had been struck off.
ED said it took the latest provisional attachment action to prevent further unauthorised transfers or alienation of properties linked to the case.
The latest action follows an earlier attachment order issued by the ED in 2025 covering 30 immovable properties outside India, located in the US, the UAE and Thailand.
Those properties, valued at around ₹54.31 crore, allegedly belonged to foreign subsidiaries of Panoramic Universal and the late Sudhir Moravekar.
The provisional attachment was confirmed by the PMLA Adjudicating Authority on 9 October 2025, according to ED.
With the latest domestic attachment, the total value of proceeds of crime provisionally attached in the Pancard Clubs case stands at approximately ₹700.89 crore.
Further investigation is underway, the agency said.
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