Singh is among ten individuals named in the case. Four are already behind bars in related CBI cases, while authorities continue to track the remaining accused.
PACL allegedly lured the public by promising land plots in exchange for recurring and fixed deposits. Despite not being registered as a Non-Banking Financial Company (NBFC), it collected vast sums in violation of the Reserve Bank of India Act.
In Uttar Pradesh alone, the company is estimated to have collected over ₹19,000 crore. Investors received bond receipts but never received the promised land or returns.
Neera Rawat, Director General of EOW, described the operation as a textbook Ponzi scheme. Early investors were paid using funds from new investors. The scheme relied heavily on a network of agents, who earned large commissions and were urged to enrol friends and family.
The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have both launched independent probes into the PACL scam. Following complaints and a Securities and Exchange Board of India (SEBI) inquiry, a case (No. 1/18) was registered at the EOW police station in Kanpur under multiple sections of the Bharatiya Nyaya Sanhita (BNS).
The ED has also filed a supplementary prosecution complaint against PACL and its associates. It noted that funds collected in Uttar Pradesh were funnelled through multiple shell companies, including MDB Housing.
Money trail leads to founder’s family