Jaipur: The Enforcement Directorate (ED) on Tuesday conducted raids at multiple locations linked to former Rajasthan Minister and senior Congress leader Pratap Singh Khachariyawas in connection with the Rs 48,100 crore PACL scam.

The operation began around 5 a.m. at 19 locations, including Khachariyawas’s residence in Jaipur and other properties across the state.

The raids were being conducted by the Delhi team of ED, with local Jaipur units expected to join and assist shortly. According to ED sources, the action pertains to alleged money laundering and property investments linked to Rs 2,850 crore, reportedly transferred in the names of Pratap Singh and his family members.

A significant portion of the funds is suspected to have been diverted into real estate and other assets.

The PACL scam is one of India’s largest financial frauds, where over 5.85 crore investors across the country were duped of their money under the guise of real estate investments. In Rajasthan alone, approximately 28 lakh people had invested around Rs 2,850 crore in 17 years. The scam came to light following an investigation by SEBI, which deemed PACL’s investment schemes illegal and ordered the company to shut down its operations on August 22, 2014. Investors’ funds remained locked after the closure. In February 2016, the Supreme Court appointed a committee under the chairmanship of former Chief Justice R.M. Lodha to recover funds by auctioning PACL’s assets and refunding the affected investors with interest. According to SEBI’s assessment, PACL owns assets worth Rs 1.86 lakh crore, four times the amount collected from investors.

Sources claim that Khachariyawas may be linked to transactions worth around Rs 30 crore in the scam. These allegations are currently under investigation, and ED officials state that a clearer picture of the extent of involvement and potential recovery will only emerge once the raids are completed.

The PACL case has triggered legal proceedings in several states, including Rajasthan, Bihar, Maharashtra, Madhya Pradesh, Assam, Karnataka, Andhra Pradesh, Punjab, and Chhattisgarh. The first FIR was filed in Jaipur after initial irregularities came to light.

The ED’s current action marks a major step in the ongoing investigation into the nationwide scam, aiming to trace and recover diverted investor funds and hold accountable those allegedly involved in laundering the proceeds, said officials.

“ED functions under the Centre. I don’t expect much from this double-engine government. Unnecessary searches are being conducted at my family members’ residences,” Khachariyawas stated.

Issuing a warning to BJP leaders, he said, “I want to remind BJP members that no government lasts forever. Times change. Today, you’ve started this, but tomorrow, we will respond in kind. We are not afraid. My name is Pratap Singh Khachariyawas. I know how to treat everyone. When Rahul Gandhi comes into government, what will be your fate?” he said.