Mohali (Punjab), April 15, 2025: The Enforcement Directorate on Tuesday carried out a raid at the residence of Aam Aadmi Party MLA Kulwant Singh in Mohali, intensifying its probe into the multi-crore Pearls Agrotech Corporation Limited (PACL) scam. Singh, who also holds significant stakes in real estate, is now under the scanner for possible links to financial transactions related to the fraud.
The PACL scam, considered one of India’s biggest ponzi schemes, saw directors allegedly siphoning off massive investor funds. The ED suspects the money was routed through multiple shell companies, withdrawn in cash, and handed to PACL’s close associates. From there, the funds were moved via hawala channels to foreign companies for illegal property purchases.
The agency believes this financial network involved several layers of laundering to cover its tracks. While the ED has not publicly accused Kulwant Singh of wrongdoing, the raid indicates a deeper probe into his business connections and financial records.
The Aam Aadmi Party is yet to respond to the development, though the raid has stirred political attention in Punjab. The ED’s investigation continues to unravel the complex money trail that defrauded thousands of investors.
