PCL investment fraud: The story begins in the year 1997, when a company started collecting money from people in the name of investment. The company took money from about 51 lakh people across the country by telling them that they would get great returns. But the truth was something else. This was a fraud, whose game continued for years. This game, which started in 1997, continued till 2017. It is said that lies and fraud have no legs. It cannot run very well. The veil of lies had to be lifted, and it was lifted. The truth came out. It was found that the company had committed fraud of more than Rs 5,000 crore. The name of this company was Pan Card Limited. Due to the inclusion of PAN card in the name, people were easily believing it.

Another company, named Panoramic Universal Limited (PUL), was also involved in this fraud and had a connection with PCL. A big name came to the fore in this whole mess - Sudhir Moravekar. This person was said to be the main accused in the PCL scam. Later, he died. But before leaving the world, the game played by Sudhir and his companies left 51 lakh families shocked.

On the complaint of the people, the Economic Offenses Wing (EOW) first registered an FIR in the investigation of this scam. After this, the Enforcement Directorate (ED) took over the case. Shocking things came to light in the investigation. It was found that black money of about Rs 99 crore from PCL was transferred to PUL, and from there it was sent directly to the accounts of Morvekar's family.

Not only this, but in the name of investing abroad, PUL bought a hotel in New Zealand in the year 2002. Later, the hotel was also quietly sold, and the company there was closed. All this happened without informing the Reserve Bank of India (RBI). The company's intentions were not good.

Even after this, these people did not stop. Between 2002 and 2014, PUL sent about Rs 100 crore abroad. The countries to which the money was sent included the US, Thailand, UAE, and Singapore. Property was purchased abroad in the name of companies with this money. But the people who invested were not given justice. The company never gave them the returns as promised.

The latest news is that the Mumbai Zonal Office of the ED has taken a major action and seized a total of 30 foreign properties. Of these, 22 are in Thailand, 6 in the UAE, and 2 in the US. All these properties were in the name of PUL's foreign subsidiaries and Sudhir Morvekar. It has been told that these properties were purchased between 2002 and 2015 for Rs 54.32 crore.

The investigation also revealed that both sons of Morvekar were preparing to sell some of the properties in the US and UAE. But ED attached these properties in time so that they could not be sold.

Complete timeline of PCL scam

1997:

Pancard Clubs Limited (PCL) was established.

It was said to be a company offering membership for holidays, but in reality, it was running investment schemes.

2002–2014:

People were lured by holiday schemes and high returns. Rs 5,000-7,000 crore was collected from more than 51 lakh people across the country.

2014:

After the investigation, SEBI said that PCL was running an illegal Collective Investment Scheme (CIS).

The company was stopped from collecting funds and launching new schemes.

An order was given to return the money to the investors.

2016:

SEBI attached the company's bank accounts, shares, and properties.

73.49 percent shares of Panoramic Universal Ltd were confiscated.

2017:

Narendra Wataukar, a resident of Dadar, Mumbai, complained of fraud of Rs 40,000.

The Economic Offences Wing (EOW) started an investigation and registered a case against 6 directors.

This year, PCL owner Sudhir Morvekar died.

2017:

The Securities Appellate Tribunal (SAT) upheld SEBI's order and termed PCL's schemes as fraud.

2018:

SEBI auctioned 24 properties worth Rs 2,000 crore.

The process of returning money to investors started, but it was very slow.

2023:

The National Company Law Tribunal (NCLT) put PCL under the bankruptcy process.

SEBI objected that this could hinder the return of money to investors by selling properties.
2024:

SFIO investigated and issued a lookout notice on Morvekar's son, but the High Court quashed it. Cancelled because he was not an accused.

2025 (January):

ED conducted raids in Mumbai and Delhi and recovered documents of foreign properties.

2025 (May):

Enforcement Directorate (ED) attached 30 foreign properties worth Rs 54.32 crore.

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