In connection with one of India’s largest financial frauds, the Enforcement Directorate (ED) on Tuesday conducted search operations at the Jaipur residence of senior Congress leader and former Rajasthan transport minister, Pratap Singh Khachariyawas. The move is part of the agency’s ongoing investigation into the Rs 48,000 crore PACL ponzi scheme, which allegedly defrauded millions of investors.
Officials confirmed that simultaneous searches were being carried out at more than 15 sites across multiple states, including Haryana, Punjab, Rajasthan, and Delhi, as authorities seek to trace assets and potential beneficiaries linked to the scam.
The PACL case revolves around illegal investment schemes disguised as real estate offerings. Over 5.8 crore individuals, including nearly 28 lakh from Rajasthan alone, are believed to have been lured into fraudulent land deals that never materialised. The Securities and Exchange Board of India (SEBI) had earlier flagged the company for operating unregulated collective investment schemes.
Khachariyawas’s Family Previously Questioned
Khachariyawas, whose family was previously questioned in 2020 over suspicious land transactions allegedly tied to PACL, responded to Tuesday’s raids with strong criticism of the ruling BJP. Speaking to the media from outside his home, he claimed the action was politically driven. “The BJP is misusing agencies like the ED to settle scores. I’ve done nothing wrong and will cooperate fully,” he said.
According to him, no prior summons was issued. “They should have sent a notice. Had they called me, I would have gone myself. This is not how investigations should be conducted,” he told reporters. He also pointed out that the house under search is registered in the name of his father, Laxman Singh Shekhawat, younger brother of BJP founding member Bhairon Singh Shekhawat.
As the raid unfolded, dozens of Congress workers and supporters gathered outside Khachariyawas’s residence, shouting slogans against the BJP and accusing the Centre of orchestrating a political witch-hunt.
Khachariyawas Criticises BJP Over Raid
Khachariyawas added that his father is over 85 years old and his mother has been ill for weeks, condemning the ED’s decision to target the family home during such a time. “If this is how they treat people related to their own founding leaders, imagine what they’d do to political opponents,” he said, calling the BJP “drunk on power.”
The ED’s case stems from a CBI FIR that alleged PACL collected thousands of crores from the public under the false promise of allotting land or returning money on maturity. Investigators say the funds were laundered through shell companies, particularly in Kolkata, under the guise of development expenses.
Despite the strong pushback from Khachariyawas, ED sources maintain that the searches are based on material evidence pointing to financial links with PACL-related entities. As of now, no official ED statement has been released naming Khachariyawas as a direct accused.
This latest development has reignited the political debate over the use of central agencies, especially as elections loom in several states. Congress leaders are expected to issue a joint statement condemning the ED’s actions in the coming days.
