India, March 4 -- The Mumbai unit of the Enforcement Directorate (ED) has conducted searches in the city and Delhi as part of its money laundering investigation related to the alleged Rs.4,500 crore investment fraud case against Pancard Clubs Limited (PCL) and others, in which over 50 lakh investors were duped.

The case pertains to a Collective Investment Scheme (CIS), allegedly run in contravention of the SEBI (Securities and Exchange Board of India) Act and SEBI (CIS) Regulations, in which more than 50 lakh investors were allegedly duped of over Rs.4,500 crore. ED's investigation revealed that PCL and its directors had allegedly floated various investment schemes of different durations, ranging from three to nine years, with promises r...