The Directorate of Enforcement (ED) has provisionally attached 37 immovable properties of M/s PACL (Pearls Agrotech Corporation Limited) and its related entities valued at Rs 1,986.48 crore in Ludhiana and Jaipur (Rajasthan). The action comes as a part of an ongoing investigation into a large-scale financial fraud involving a collective investment scheme operated by PACL.The probe pertains to a cased registered in February 19, 2014, registered by the Central Bureau of Investigation under Sections 120-B and 420 of the Indian Penal Code.Investigation has revealed that the accused entities and individuals operated an illegal collective investment scheme, fraudulently mobilising more than Rs 60,000 crore from lakhs of investors across India under the guise of sale and development of agricultural land.Investors were reportedly induced to invest through cash and instalment payment plans. They were made to sign misleading documents, including agreements, powers of attorney and other instruments.In a majority of cases, no land was ever delivered and approximately Rs 48,000 crore remained unpaid to investors.Further investigation established that the funds collected from unsuspecting investors were routed through various related and unrelated entities and were ultimately credited to the bank accounts of now deceased Nirmal Singh Bhangoo, his family members and associates, and related entities of PACL.These funds were then allegedly utilised for acquiring immovable properties in their names. The ED has so far attached movable and immovable assets worth approximately Rs 7,589 crore, including properties located in India and abroad.