Mumbai, March 3 -- The Directorate of Enforcement (ED), Mumbai Zonal office, conducted a search operation at four premises in Mumbai and Delhi on February 25, under the provisions of the Prevention of Money-Laundering Act (PMLA), 2002.

The raids were conducted in connection with a case of Collective Investment Scheme in violation of SEBI Act, 1992 r/w SEBI (CIS) Regulations, 1999 against M/s Pancard Clubs Limited (PCL) & others, where more than 50 Lakh investors were allegedly duped of more than Rs 4,500 Crore.

During the search operations, various incriminating documents having details of overseas assets presently being operated by family members of the main accused, Late Sudhir Moraveker, the then Director of M/s Pancard Clubs Limited...