Pearls Group case: CBI unearths multiple assets spread across states

CBI has found that the group owns two hotels in Goa, three business parks in North Delhi, 800 acres of land near Bengaluru and more than 80 plots spread out over.

Days after CBI unearthed properties worth several hundred crores of rupees allegedly belonging to the Pearls Group in Delhi NCR and land bank of over 1,800 acres in Haryana, the agency has found a string of hotels, business parks and land belonging to the group across Goa and Bengaluru.

The company is under CBI investigations in connection with a Rs 45,000 crore ponzi scheme where close to 5.5 lakh investors were allegedly cheated.

During interrogation of the company’s CMD Nirmal Singh Bhangoo, CBI found that the group owns two hotels in Goa, three business parks in North Delhi, 800 acres of land near Bengaluru and more than 80 residential and commercial plots spread across Punjab and elsewhere. According CBI sources, in Goa the group owns Golden Palms Hotel (service apartments) in Calangute and Golden Palm Hotel in Colva. While the Calangute property is in the name of Pearls Agrotech Corporation Limited (PACL), the Colva hotel is in the name MEK Developers, a fully owned company of PACL.

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In Delhi, the agency has found the group owns Pearls Business Park at Pitampura (in the name of Saryu Farms, fully owned company of PACL), Pearls Omax at Pitampura (in the name of Pearls Golden Forest Limited) and Pearls Corporate at W Mall in Rohini (in the name of PACL). The agency has also found 800 acres of land at Jangamakote, 55 km from Bengaluru in the name of PACL and associates. The agricultural land has been bought for development of Pearls township.

Apart from this, the agency has found 37 residential/commercial properties in the name of PACL spread across the Guragon and 50 residential and commercial properties across Mohali, Amritsar and Bhatinda in Punjab. Sources said the cumulative worth of these properties could be anywhere between Rs 500 crore to Rs 1,000 crore. The agency had earlier found that the group owned 1,841 acres of land worth over Rs 700 crore in Haryana and 44 commercial properties across Gurgaon, including 14 office space in Global Foyer Mall.

Apart from this the agency had also found that the firm was allegedly running Pearl Education Institute Trust which is now known as Institute of Hospitality and Management.