Pan­card Clubs case: Sebi at­taches as­sets to re­cover ~70 bn

Business Standard - - THE SMART INVESTOR -

The Se­cu­ri­ties and Ex­change Board of In­dia (Sebi) on Mon­day or­dered the at­tach­ment of prop­er­ties, lux­ury cars, gold and jew­ellery of Pan­card Clubs and its di­rec­tors to re­cover dues worth ~70 bil­lion in a case re­lated to il­le­gal fund rais­ing. In De­cem­ber 2016, the mar­ket reg­u­la­tor had at­tached bank and de­mat ac­counts of the com­pany and its six di­rec­tors. It has al­ready auc­tioned sev­eral prop­er­ties of the com­pany in the last four months.

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