Court sends Pearls Group CMD, others to 10-day CBI custody

They were arrested under charges of criminal conspiracy and cheating of the IPC.

New Delhi | Published:January 9, 2016 6:56 pm
Perals Group, Pearls Group chairman arrested, Pearls group scam, Pearls group CMD arrested Advocate Vijay Aggarwal, who appeared for Bhangoo, argued that a preliminary enquiry was registered in the matter in 2013 and an FIR was lodged by CBI in 2014.

Pearls Group CMD Nirmal Singh Bhangoo and three others, arrested in connection with alleged swindling of Rs 45,000 crore from over five crore investors, were today remanded to 10-day CBI custody by a Delhi court.

Metropolitan Magistrate Harvinder Singh sent Bhangoo and three top executives of Pearls Group of companies in CBI’s custody till January 19 after the agency said their custodial interrogation was required to find out the money trail and unearth the entire conspiracy.

ALSO READ: CBI arrests Pearls group chairman in alleged Rs 45,000 crore ponzi scam

Apart from Bhangoo, CMD of Pearls Golden Forest Ltd (PGF) and ex-Chairman of Pearls Australasia Pty Limited, the other three arrested are Sukhdev Singh, MD and Promoter-Director of Pearls Agrotech Corporation Ltd (PACL), Gurmeet Singh, Executive Director (Finance) and Subrata Bhattacharya, ED in the PGF/PACL.

They were arrested under charges of criminal conspiracy and cheating of the IPC. During the hearing, CBI argued that huge money was bungled by the accused who had duped so many investors by luring them with attractive land deals. The police’s plea for their custody was opposed by the counsel representing the accused persons.

Advocate Vijay Aggarwal, who appeared for Bhangoo, argued that a preliminary enquiry was registered in the matter in 2013 and an FIR was lodged by CBI in 2014. He said the investigation in the case has been going on for the past two years and there was nothing left for questioning now.

The counsel claimed that Bhangoo and the three others were called to the CBI office yesterday for questioning in the morning and arrested thereafter. They were produced before the court this afternoon, after more than 24 hours in violation of the law, he alleged. The arrest came after two years of CBI probe ordered by the Apex Court in the country’s largest reported ponzi scam. During the probe in the last two years, CBI had found 1300 bank accounts of the suspect company, their directors, and associated firms.

CBI had said it had frozen the group’s assets, mostly fixed deposit receipts, to the tune of Rs 280 crore and an additional Rs 108 crore was deposited with Delhi High Court. The agency said it has managed to seize 20,000 property documents believed to be of Rs 5,000 crore of purchase value. It is estimated by CBI that these properties could be about Rs 1.85 lakh crore, going by the present market rates.

In its FIR, CBI has claimed that PACL and PGF were running the schemes illegally and both the companies were allegedly engaged in fraudulent activities including forgery in their day-to-day operations. “Investigation also revealed that the accused persons fraudulently diverted the alleged funds collected under the aegis of Jaipur-based private company for purported investment in Australian companies. So far 132.99 mn AUD (approx) found to have been diverted to Australian companies,” CBI had said.

CBI further alleged that the funds were raised by the two companies through a vast network of lakhs of commission agents spread across the country who were paid hefty commissions to lure investors.

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  1. S
    singh
    Aug 16, 2016 at 6:18 am
    investment in this companylt;br/gt;pl tell me that company when give my money.
    Reply
    1. A
      ajay kumar
      Apr 22, 2016 at 10:51 am
      My 50000 investment in this companylt;br/gt;pl tell me that company when give my money.
      Reply
      1. M
        Mohan Brar
        Feb 19, 2016 at 10:35 pm
        What is the latest update? Please keep on updating because Millions of people are waiting ,what is going on in this connection ?
        Reply
        1. U
          uma
          Feb 1, 2016 at 1:08 pm
          Pls quickly action to PACL judgment for helpful. Customers.
          Reply
          1. F
            FURQAN ALI
            Jan 31, 2016 at 9:14 am
            Sir Pacl ka pemint kab tak ho jaye ga jara batao to sahi agar nahi hua to bahut badi afat ajaye gi. is ka jaldi se result de do nahi to aam public ke liye bahut bura ho jaye ga.
            Reply
            1. F
              FURQAN ALI
              Jan 31, 2016 at 9:07 am
              mera rupeya vapas nahi mila to me jan de du ga mene is me lag bhag 10 lakh rupeya jama karvaya hai mera nam furqan ali moradabad se no 9759917757, 9058168909
              Reply
              1. K
                kathula chinna
                Apr 15, 2016 at 2:51 pm
                Please take a serious action it's too late. Many people are waiting for their own hard earned money iam also invested
                Reply
                1. R
                  Rafiq
                  May 7, 2016 at 11:50 am
                  Plz take fast action on no have more time on my gmother she want immediately action on him
                  Reply
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