In an attempt to recover money from investors, Sebi ordered banks to transfer all money available in the bank accounts of the 640 entities of the PACL Ltd group to his account by Wednesday.
The market regulator had ordered in September 2016 the freezing of bank accounts as well as the assets in mutual funds and mutual funds of these entities.
In a directive sent to all banks on Thursday, Sebi asked them to pay the full amount available in banks and term deposit accounts of 640 PACL group entities into the regulator’s accounts by June 2.
He further stated that the seizure of bank accounts as well as other accounts of these entities will continue.
PACL has raised 49,100 crore rupees from nearly 5 crore of investors which it has to repay along with the promised returns, payment of interest and other charges, which is the total amount owed over 60,000 rupee crores.
The group, which had raised funds from the public on behalf of agricultural and real estate companies, was credited by Sebi for raising these funds through illegal collective investment schemes over a period of 18 years.
She had bought land on behalf of her group or associated companies.
A committee headed by retired judge RM Lodha initiated the phased repayment process for investors who had invested in PACL.
The committee has successfully made repayments to over 12.7 lakh of investors, with claims of up to Rs 10,000, for a total of Rs 438.34 crore in March 2021.
In a separate notice published on Thursday, Sebi ordered the seizure of assets related to PACL. The attached properties are plots of land located in Banur, Punjab.
The foreclosure order came after the Punjabi government’s Department of Industries and Commerce informed the committee of properties owned by PACL. Therefore, the committee asked Sebi’s salvage agent to seize these properties.
Earlier in December 2015, Sebi seized various bank accounts, bank accounts and mutual funds of PACL and its promoters as well as directors after they failed to pay their dues.
PACL and its promoters as well as the directors were asked by Sebi to reimburse the investors’ money in an order issued in August 2014. The defaulters were asked to wind up the schemes and return the money to the investors within three months of from the date of the order. .
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