In a high-profile development, the Enforcement Directorate (ED) launched a series of raids on Tuesday, including one at the Jaipur residence of senior Congress leader and former Rajasthan minister Pratap Singh Khachariyawas. The action is part of the central agency's ongoing investigation into the multi-crore Pearl Agro Corporation Limited (PACL) scam, which is one of India’s largest known ponzi schemes, reportedly involving a staggering Rs 48,000 crore. According to ED officials, the raids are focused on uncovering financial links and beneficiaries related to PACL, which allegedly collected vast sums from investors under the guise of lucrative real estate projects, only to default on returns. The scale of the alleged fraud is enormous, with over 28 lakh investors in Rajasthan alone said to be affected.

The central agency is also investigating attempts to illegally dispose of PACL-owned properties through associates of its now-deceased founder, Nirmal Singh Bhangoo. FIRs registered against Bhangoo's close aides form the basis of this latest round of crackdowns. Sources within the ED revealed that Khachariyawas is suspected of having indirect associations with entities tied to PACL and could have derived benefits, though no official charges have been filed as of now. The former Transport Minister under the Ashok Gehlot-led Congress government, Khachariyawas has long been a prominent political figure in Rajasthan. As part of this ongoing operation, ED officials are currently conducting coordinated searches across more than 15 locations in Rajasthan, Punjab, Haryana, and Delhi.

While the ED has maintained silence regarding further details, the action has reignited political tensions, with Khachariyawas lashing out at the ruling BJP. Speaking to news agency ANI from his residence while the raids were underway, the Congress leader claimed the Bharatiya Janata Party was misusing central investigative agencies to suppress opposition voices. “Governments keep changing, time will change. Imagine what will happen to the BJP when Rahul Gandhi comes to power. You (BJP) have started these proceedings. We will also do the same against the people of the BJP. They can do as many searches as they want, we are not scared. We will cooperate with the officers,” Khachariyawas said defiantly.

The remark underscores the broader narrative frequently raised by opposition leaders who allege that central agencies such as the ED, CBI, and Income Tax Department are being deployed by the BJP government to strategically target political opponents ahead of key elections. Similar concerns have been echoed by various Congress leaders in recent months, particularly in poll-bound states. The scene outside Khachariyawas’ residence in Jaipur became tense as hundreds of his supporters gathered, chanting anti-BJP and anti-ED slogans. Security forces were deployed to manage the crowd and prevent any escalation. Visuals from the site showed a heavy police presence as well as ongoing activity by ED personnel, who were seen entering and exiting the premises with sealed boxes and files.

The PACL scam itself dates back over a decade. First exposed in 2011, the scam was initially investigated by SEBI before the matter was escalated to other investigative agencies. PACL, founded by Nirmal Singh Bhangoo, reportedly lured investors by promising high returns on investments made towards land parcels, but it turned out to be a classic ponzi scheme. Over the years, multiple FIRs and chargesheets have been filed against company officials and linked entities. The Supreme Court had previously appointed a committee to oversee the sale of PACL assets and refund the defrauded investors, but the pace of resolution has been slow, leading to widespread frustration among those affected.

Khachariyawas has denied all allegations of wrongdoing and emphasized his willingness to fully cooperate with the investigation. His legal team is expected to issue a formal statement once the ED completes its search and submits an official communication. This development is likely to have wider political ramifications, especially with the increasing scrutiny of leaders from opposition parties in various financial probes. As the nation gears up for the 2025 state and general elections, such actions are expected to intensify political discourse and deepen existing divides between ruling and opposition camps. With investigations continuing and public interest surging, all eyes are now on the Enforcement Directorate’s next steps in the PACL scam case and whether these raids will lead to more high-profile names being linked to one of the country’s biggest financial frauds.