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The Central Bureau of Investigation (CBI) has registered a criminal case against Jaipur-based real estate companies Pearls Agrotech Corporation Limited and Pearls Golden Forest Limited and their promoter Nirmal Singh Bhangoo and director Sukhdev Singh for running a pyramid scheme under the garb of allotment of agriculture land to depositors. A case of criminal conspiracy and cheating has been registered against the accused.
The agency on Saturday carried out searches in official and residential premises of the owner and directors in New Delhi, Chandigarh, Mohali and Ropar in Punjab and Jaipur. The CBI has seized data relating to the deposits and misutilisation and diversion of funds.
CBI had initiated an inquiry into the matter on the direction of the Supreme Court. The agency was asked to inquire into the allegations that huge deposits were raised from the public and misutilised.
Securities and Exchange Board of India (Sebi) had raised concerns over legality of PACL’s operations since it was running a collective investment scheme in the garb of a real estate company. Founded in 1996, PACL saw a stupendous growth in just a few years of its existence, with its deposits exceeding Rs 20,000 crore. The money was collected by the company as investment from various depositors and later used to buy land across the country – almost 1.85 lakh acre as reported to the Registrar of Companies. The company managed to luire customers who would then become its agents by promises like “double your money in six years."
The agency on Saturday carried out searches in official and residential premises of the owner and directors in New Delhi, Chandigarh, Mohali and Ropar in Punjab and Jaipur. The CBI has seized data relating to the deposits and misutilisation and diversion of funds.
CBI had initiated an inquiry into the matter on the direction of the Supreme Court. The agency was asked to inquire into the allegations that huge deposits were raised from the public and misutilised.
Securities and Exchange Board of India (Sebi) had raised concerns over legality of PACL’s operations since it was running a collective investment scheme in the garb of a real estate company. Founded in 1996, PACL saw a stupendous growth in just a few years of its existence, with its deposits exceeding Rs 20,000 crore. The money was collected by the company as investment from various depositors and later used to buy land across the country – almost 1.85 lakh acre as reported to the Registrar of Companies. The company managed to luire customers who would then become its agents by promises like “double your money in six years."
The agency on Saturday carried out searches in official and residential premises of the owner and directors in New Delhi, Chandigarh, Mohali and Ropar in Punjab and Jaipur. The CBI has seized data relating to the deposits and misutilisation and diversion of funds.
CBI had initiated an inquiry into the matter on the direction of the Supreme Court. The agency was asked to inquire into the allegations that huge deposits were raised from the public and misutilised.
Securities and Exchange Board of India (Sebi) had raised concerns over legality of PACL’s operations since it was running a collective investment scheme in the garb of a real estate company. Founded in 1996, PACL saw a stupendous growth in just a few years of its existence, with its deposits exceeding Rs 20,000 crore. The money was collected by the company as investment from various depositors and later used to buy land across the country – almost 1.85 lakh acre as reported to the Registrar of Companies. The company managed to luire customers who would then become its agents by promises like “double your money in six years."
