New Delhi [India], May 8 (ANI): The Enforcement Directorate (ED) has provisionally attached 30 overseas assets held in the name of overseas subsidiaries of Mumbai-based Panoramic Universal Ltd (PUL) and accused late Sudhir Moravekar in the Pancard Clubs investment fraud case.

These attached overseas properties include 22 in Thailand, six in the United Arab Emirates, and two in the USA.

Mumbai Zonal Office has attached all these assets, which have been acquired by making total payments equivalent to Rs 54.32 crore during the period from 2002 to 2015.

ED initiated an investigation on the basis of the FIR registered by the Economic Offences Wing (EOW) for offences under various sections of the Indian Penal Code, 1860.

During the period from 1997 to 2017, ED said in a statement, Pan Card Limited (PCL) unauthorizedly collected investments from around 51 lakh investors across India and failed to return more than Rs 5,000 crore to many of these investors.

The EOW has filed a chargesheet against PCL, PUL and 44 other related companies, six directors of PCL and five marketing representatives of PCL under various sections of IPC, 1860, and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act,1999.

ED investigation revealed that Proceeds of Crime (POC) amounting to around Rs 99 crore were diverted from PCL to PUL apart from diversion of POC to the personal accounts of family members of deceased accused Sudhir Moravekar.

'It is also revealed that during 2002, a hotel in New Zealand was bought through Overseas Direct Investments (ODI) by PUL,' said the ED,

'Later the asset was sold off and the Wholly Owned Subsidiary in New Zealand was closed without duly reporting to RBI/Bank. ODI investments were also made in USA, UAE, Thailand, Singapore and remittances equivalent to Rs 100 rore (approx.) were sent during the period from 2002 to 2014. Assets were acquired in the name of these overseas subsidiary entities.'

It is also revealed that both the sons of late Sudhir Moravekar were planning to sell off some of these assets in USA and UAE, the ED added. (ANI)