Justice R.M. Lodha Committee was constituted by the Supreme Court in February 2016 to investigate PACL Limited's fraudulent deposit schemes. PACL operated illegal collective investment schemes worth over ₹49,000 crores, duping millions of investors. The Committee was tasked with asset recovery, refund distribution, and recommending regulatory reforms. It submitted comprehensive reports exposing the scale of financial fraud and proposing investor protection mechanisms. The case became a landmark in corporate accountability and regulatory oversight of deposit-taking companies in India.

The Lodha Committee investigation into PACL Limited represents a watershed moment in India's fight against financial frauds. PACL operated sophisticated Ponzi schemes disguised as agricultural land deals, collecting deposits from over 5.85 crore investors, predominantly from rural and semi-urban areas. The Supreme Court's intervention came after regulatory authorities failed to prevent the massive fraud. The Committee's mandate extended beyond investigation to actual asset recovery and refund distribution, making it unique in Indian judicial history. Its findings revealed systematic regulatory failures across multiple agencies - SEBI, RBI, state governments, and local authorities. The Committee recommended strengthening the legal framework for collective investment schemes, enhancing inter-regulatory coordination, and creating specialized courts for financial fraud cases. The PACL case highlighted the vulnerability of small investors to sophisticated financial scams and the need for robust investor protection mechanisms. The Committee's work established precedents for court-supervised asset recovery in large-scale financial frauds, influencing subsequent cases and regulatory reforms in the deposit-taking and investment advisory sectors.