The ED has provisionally attached 126 immovable properties worth about ₹5,046.91 crore in Delhi and Punjab. This is part of a larger seizure totalling roughly ₹22,656.91 crore across India and abroad, linked to a massive fraud allegedly orchestrated by PACL Limited and its associated firms. Key Developments ED’s latest attachment targets 126 immovable assets in Delhi and Punjab, valued at ~₹5,047 crore. Overall, assets seized in the case now amount to ~₹22,657 crore, including movable and immovable properties both in India and overseas. The investigation stems from a FIR lodged by the CBI on 19 February 2014, following a Supreme Court directive. CBI filed a chargesheet and a supplementary chargesheet against 33 accused, alleging mobilisation of over ₹48,000 crore from lakhs of investors. Supreme Court, on 2 February 2016, ordered the SEBI to constitute a committee chaired by former Chief Justice R. M. Lodha for asset distribution. Subsequent probes by the Punjab Vigilance Bureau, Jaipur’s Jawahar Circle police, and Bengaluru’s Attibele police uncovered continued illegal dissipation of PACL assets, prompting three additional cases. ED lodged a prosecution complaint in 2018 and four supplementary complaints in 2022, 2025, and 2026; a special court has taken cognisance. Important Facts Investors were lured with cash‑down‑payment and instalment plans, signing misleading agreements, powers of attorney, and other documents. In many instances, promised agricultural land was never delivered; front entities and reverse‑sale transactions were used to mask the fraud. The alleged fraud size (~₹48,000 crore) makes it one of the largest collective investment scams in recent Indian history. Asset attachment by ED is a crucial step to prevent further erosion of the investors’ corpus and to facilitate eventual restitution. UPSC Relevance This case touches upon multiple GS papers. For GS 3 (Economy) , it illustrates challenges in regulating collective investment schemes, the role of financial crime agencies, and the impact of large‑scale fraud on investor confidence. For GS 2 (Polity) , the Supreme Court’s intervention and the formation of a Lodha‑led committee highlight judicial oversight of financial misconduct and the interplay between courts, regulators, and investigative agencies. Understanding the functions of the special court and the procedural timeline of FIR, chargesheet, and attachment is essential for governance and law‑and‑order topics. Way Forward To safeguard investors and restore market confidence, the following steps are advisable: Expedite the Lodha Committee’s audit of PACL‑acquired land and ensure transparent distribution of proceeds to victims. Strengthen SEBI’s surveillance mechanisms for collective investment schemes, including stricter KYC and disclosure norms. Enhance inter‑agency coordination among ED, CBI, state vigilance bureaus, and the judiciary to prevent asset dissipation. Promote financial literacy so that potential investors can identify red‑flag characteristics of fraudulent schemes. Effective implementation will not only aid restitution but also reinforce the credibility of India’s financial regulatory architecture.