Over ₹429 crore have been paid to more than 12 lakh PACL investors with claims of up to ₹10,000, markets regulator SEBI said on Tuesday. The regulator found that PACL Ltd, which had raised money from the public in the name of agriculture and real estate businesses, had collected more than ₹60,000 crore through illegal collective investment schemes (CISs) over a period of 18 years.

A panel headed by retired Justice RM Lodha had initiated the process of refunds in phases for investors, who invested money in PACL.

In a statement, SEBI said the committee “as on date, successfully effected refund with respect to 12,48,344 eligible applications (with claims up to ₹10,000) aggregating to ₹429.13 crore”.

The committee had, after making the refund to over 9.72 lakh investors having claim amount up to ₹8,000, initiated the process of refund to investors with claim amount between ₹8,001 and ₹10,000, and has effected payment with respect to 2.76 lakh investors, it added.

In December 2015, the Securities and Exchange Board Board of India (SEBI) had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money which was due to investors.

SEBI had asked PACL, as also its promoters and directors, to refund the money in an order dated August 22, 2014. The defaulters were directed to wind up the schemes and refund money to the investors within three months from the date of the order.

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