PACL PGF Investors Association has alleged that several parcels of land belonging to the defunct finance company have been illegally sold by vested interests in Virudhunagar district.
In a petition submitted to Collector R. Kannan here on Monday, the association alleged that the parcels of land, which were bought by PACL through the investment made by public to promote farming on promise of higher returns had been seized and was under the custody of Supreme Court-appointed R.M. Lodha committee.
The committee is in the process of selling the land to compensate the 5.85 crore investors through the sale proceeds, said the association secretary, J.S. Kumaran of Chennai.
Stating that SEBI has written to the Chief Secretaries of various States and Collectors to protect the land belonging to PACL, the association said that the land in Sankarapandiyapuram, Servaikaranpatti, Karisalpatti among 24 listed places were being illegally sold by vested interests by preparing fake documents.
Lodha committee has listed the survey numbers of the land seized and has banned their sale.
Such activity will delay the process of investors getting back their money, the association said seeking intervention of the district administration.