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This is an archive article published on January 9, 2016
CBI arrests Pearls group chairman in alleged Rs 45,000 crore ponzi scam
Others who were arrested are Sukhdev Singh, MD and promoter-director of PACL, Gurmeet Singh, executive director (finance) and Subrata Bhattacharya, ED in the PGF/PACL. CBI officials said the executives were arrested .
Updated: January 9, 2016 02:59 PM IST
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CBI sources said during questioning they gave inconsistent statements and stopped cooperating which resulted in their arrest.
After hours of questioning at its headquarters, CBI Friday arrested chairman-cum-managing director of Pearls Agrotech Corporation Limited (PACL) and Pearls Golden Forest Limited (PGF) Nirmal Singh Bhangoo and three other top officials in connection with Rs 45,000-crore pozi scam case. Close to 5.5 crore investors were duped by the investment scheme.
Others who were arrested are Sukhdev Singh, MD and promoter-director of PACL, Gurmeet Singh, executive director (finance) and Subrata Bhattacharya, ED in the PGF/PACL. CBI officials said the executives were arrested after detailed questioning.
CBI sources said during questioning they gave inconsistent statements and stopped cooperating which resulted in their arrest.
“The case involves alleged collection of Rs 45,000 crore from about 5.5 crore investors. The case was registered under sections 120B (criminal conspiracy) read with 420 (cheating) of IPC,” CBI said. The investors were lured with the promise of huge returns.
The CBI had registered case against Bhangu and others in 2014 on the orders of the Supreme Court. During investigation, the agency found that firms owned by Bhangu had been raising investments by issuing bogus land allotment letters.
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