ED Cracks ₹4,500 Cr Pancard Scam
• 30 Global Assets Seized in Fraud Case
• Pancard Club Scam: Investors Cheated, ED Acts
Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098
The Sprouts News Special Investigation Team reports that the ED has seized 30 overseas properties linked to the ₹4,500 crore Pancard Club scam. The assets span Thailand, UAE, and the US. Charges have been filed against 44 firms and key directors for defrauding nearly 50 lakh investors through illegal investment schemes.
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In a major development in the ₹4,500 crore Pancard Club investment fraud case, the Enforcement Directorate (ED) has seized 30 properties located overseas. According to the official statement released on Thursday, the attached assets are spread across Thailand (22), the United Arab Emirates (6), and the United States (2).
These assets are reportedly linked to M/s Panoramic Universal Ltd.—a company connected to the now-deceased accused Sudhir Moravekar—and its various subsidiaries. The ED revealed that the properties were acquired between 2002 and 2015 at an estimated value of ₹54.32 crore. This action follows detailed investigations initiated under the Prevention of Money Laundering Act (PMLA), based on earlier cases registered by Mumbai Police’s Economic Offences Wing (EOW).
Investment Fraud and Unregulated Schemes Exposed
The Pancard Club Ltd. fraud spans two decades, from 1997 to 2017, during which the company allegedly collected illegal investments from nearly 50 lakh individuals across India. The funds were raised through unregistered schemes, which the ED claims violated regulations set by both SEBI and the Reserve Bank of India. Most investors did not receive their promised returns, leaving thousands defrauded.
According to the investigation, the scam’s modus operandi involved floating illegitimate investment schemes under the guise of holiday memberships and non-banking financial offers. The collected funds were routed through a web of associated companies, obscuring accountability and misusing investor confidence. Sprouts News has confirmed that the majority of these funds remain unrecovered, with key assets now traced abroad.
Also Read: ₹6,000 Cr Ambulance Deal Sparks Health Scandal in Maharashtra.
Charges Filed Under Investor Protection and IPC Laws
Following the culmination of their investigation, the Mumbai EOW filed a comprehensive charge sheet against 44 firms linked to Panoramic Universal Ltd. and Pancard Club Ltd. Six directors of Pancard Club Ltd., along with several others, have been named under multiple legal provisions including the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999.
The Sprouts News Special Investigation Team has tracked the case’s progression closely, highlighting systemic regulatory failures that enabled such a large-scale fraud to thrive for years. With cross-border financial trails now in focus, the ED is expected to intensify efforts to recover investor money and prosecute those involved.
