look news india
The Enforcement Directorate (ED) has raided the residence of Pratap Singh Khachariwas, a minister in the former Ashok Gehlot government of Rajasthan. This action has been going on at his house in Civil Lines area of Jaipur since Tuesday morning. After the ED team arrived, many Congress leaders also reached the spot.
According to sources, action related to chit fund scam
According to media reports and sources, the raid is associated with the PACL scam, considered one of the country’s biggest chit fund scams. The case is related to investment of about Rs 50,000 crore and the role of Pratap Singh Khachariwas is being investigated in it. Earlier, he was also issued summons from the ED.
What is PACL scam?
The PACL company is accused of fraud of about Rs 49,100 crore from around 5.85 crore investors across the country. In Rajasthan alone, about 28 lakh people had invested Rs 2,850 crore in this scheme. The Securities and Exchange Board of India (SEBI), considering the schemes of this company as illegal, banned all its businesses on 22 August 2014.
The company had collected a large amount of money in the name of investment in real estate. The matter was so big that its echo reached the Supreme Court. On 2 February 2016, the Supreme Court, the then Chief Justice R.K. A committee was constituted under the chairmanship of M. Lodha. This committee was entrusted with the responsibility of returning the amount to investors with interest to investors by auctioning the properties of PACL.
According to SEBI, PACL has assets worth about Rs 1.86 lakh crore, whose auction process is going on. The investigation of the case has been going on for a long time and now the role of Pratap Singh Khachariwas is being investigated by the Enforcement Directorate.