Delhi High Court Seeks ED’s Reply on Bail Plea of Businessman in Rs 48,000 Crore Fraud Probe
The Delhi High Court on Tuesday issued a notice to the Enforcement Directorate (ED) in connection with the bail plea of businessman Harsatinder Pal Singh Hayer, who is facing allegations in a large-scale money laundering case linked to the multi-crore Pearls Agrotech Corporation Limited (PACL) scam. The alleged fraud, estimated at around ₹48,000 crore, is said to have affected a vast number of investors across the country.
Hayer, whose late father-in-law, Nirmal Singh Bhangoo, formerly chaired PACL, had earlier been granted bail by the Delhi High Court in a separate case filed by the Central Bureau of Investigation (CBI). However, the ED’s ongoing investigation has presented a fresh legal battle for the businessman.
During the hearing, Justice Girish Kathpalia sought the ED’s response and listed the matter for further proceedings on September 19. The court has directed the agency to file its reply before the next date. This development comes after Hayer’s bail plea in the ED case was rejected by the Rouse Avenue court on July 25, with the court citing the gravity of the allegations and his alleged active involvement in the financial irregularities.
The accused is being represented by a legal team comprising Arshdeep Khurana, Ayush Gaur, Ridhi Kapoor, Shruti Gupta, and Rishabh Luthra, who were present during the High Court proceedings.
The PACL case, often referred to as one of India’s largest financial scams, involves accusations of illegally raising huge sums from investors under the guise of land investment schemes. The ED’s case against Hayer forms a part of its wider probe into money laundering and fund diversion linked to the scam.
With the High Court now set to re-examine Hayer’s request for bail, the matter is expected to see heightened legal scrutiny in the coming weeks.
