By A Staff Reporter
NEW DELHI: The Directorate of Enforcement (ED) has arrested Harsatinder Pal Singh Hayer, the son-in-law of the late Nirmal Singh Bhangoo, under the Prevention of Money Laundering Act (PMLA), 2002. The arrest, made on March 21, 2025, is part of an ongoing investigation into the massive ₹48,000 crore PACL investment scam.
According to ED officials, the Special Court (PMLA) has remanded Hayer to ED custody for further questioning. The case is linked to M/s PACL India Limited and M/s PGF Limited, firms that allegedly defrauded millions of investors through fraudulent investment schemes. The investigation was initiated based on an FIR registered by the Central Bureau of Investigation (CBI), BSFC, New Delhi, under Sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code (IPC), 1860.
PACL, along with its directors, including its late chairman Nirmal Singh Bhangoo, is accused of running Ponzi schemes, promising high returns on land investments but ultimately deceiving investors. The scam, estimated at ₹48,000 crore, is considered one of the largest financial frauds in India.
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