In an effort to repatriate investors, Sebi ordered the banks to transfer to his bank account all the funds received from the bank accounts of the 640 party associations of PACL Ltd on Wednesday.
Market regulators in September 2016 had ordered the holding of bank accounts and the reduction and withdrawal of funds from these organizations.
In a directive to all banks on Thursday, Sebi asked them to withdraw all available funds from banks and fixed deposit accounts of 640 PACL party organizations into the regulator’s accounts on June 2.
Also, it said the attachment of bank accounts and other accounts of these businesses will continue.
PACL has withdrawn $ 49,100 from nearly 5 crore investors that it needs to repay with the promised returns, interest and other costs, which has taken a total value of more than $ 60,000.
The group, which has been raising money for the community in the name of agriculture and real estate, has been found by the Department to raise funds through illegal investment schemes over an 18-year period.
It has purchased places with the name of its group or affiliated companies.
A committee headed by retired Justice R M Lodha has begun the process of repaying the categories of investors, who have invested in the PACL.
The committee successfully reimbursed investors for more than 12.7 lakh, with applications amounting to Rs 10,000, included in the Rs 438.34 crore as of March 2021.
In another announcement Thursday, Sebi ordered the installation of PACL-related properties. The buildings attached to the international parcels are located in Banur in the Punjab.
The attachment order came after the Department of Industry and Trade, the Punjab Government, informed the committee of the PACL properties. Therefore, the committee instructed Sebi’s recovering officer to link the facilities.
In early December 2015, Sebi deposited various bank accounts, dematrances and mutual fund PACL with its promoters as well as directors after failing to make payments.
PACL and its promoters and directors have been asked by the Department to repay investor funds in an order passed in August 2014. Borrowers are instructed to open strategies and repay investors to investors within three months from the date of the order.
