<h1>ED Raids Uncover Rs 4,500 Crore Investment Fraud by Pancard Clubs; SEBI Act Violations, Asset Disposal Attempts Found.</h1> The Enforcement Directorate (ED) conducted searches related to a Rs 4,500 crore investment fraud involving a Mumbai-based company, Pancard Clubs Limited, and its former directors. The case involves a collective investment scheme that allegedly duped over 50 lakh investors, violating the SEBI Act. The Mumbai Police's economic offences wing initially filed a case under the Maharashtra Protection of Interest of Depositors Act, which the ED pursued under the Prevention of Money Laundering Act. During the raids, incriminating documents and evidence of attempts to dispose of assets, considered proceeds of crime, were seized.