 "Pearls group diverted money to buy property, says CBI")
The Pearls group, accused of involvement in a Rs 45,000-crore Ponzi scam, might have diverted investors' money to purchase properties worth thousands of crore, with a Central Bureau of Investigation probe showing the company bought 66 offices in Connaught Place, New Delhi, alone.
During the questioning of Nirmal Singh Bhangoo, chairman and managing director of PGF Limited and former chairman of Pearls Australasia, the CBI found the company had purchased large tracts of land in the national capital - offices in posh localities and farm houses at the Delhi-Gurgaon border - sources said.
They said questioning of Bhangoo; Sukhdev Singh, managing director and promoter-director of PACL; Gurmeet Singh, executive director (Finance); and Subrata Bhattacharya, executive director, who are in CBI custody, has shown that the company purchased 553 acres of land in outer Delhi.
The company had 44 offices in Gopaldas Bhavan, 11 in Indraprasth Building, six in Antariksh Bhavan and five in Statesman house, sources said.
The company was also found to have purchased a 11.5 acre farmland in Rajokari at Delhi-Gurgaon border. They alleged Bhangoo had also bought a farmhouse at Rajokari from tainted Haryana politician Gopal Kanda, who also might be examined in connection with the case.
These four executives were arrested on January 8 this year after they allegedly started changing their statements which were "full of inconsistencies", officials said.
The CBI has also found 1,300 "suspect" bank accounts of the company, its directors, and associated firms, the agency said, adding that it has frozen assets (mostly Fixed Deposit receipts) to the tune of Rs 280 crore. In addition, Rs 108 crore has been deposited with Delhi High Court.
Sources said the agency has seized 20,000 property documents showing investments to the tune of Rs 5,000 crore.
INSIGHTS FROM THE INVESTIGATION CBI has seized 20,000 property documents worth Rs 50,000 cr
During the questioning of Nirmal Singh Bhangoo, chairman and managing director of PGF Limited and former chairman of Pearls Australasia, the CBI found the company had purchased large tracts of land in the national capital - offices in posh localities and farm houses at the Delhi-Gurgaon border - sources said.
They said questioning of Bhangoo; Sukhdev Singh, managing director and promoter-director of PACL; Gurmeet Singh, executive director (Finance); and Subrata Bhattacharya, executive director, who are in CBI custody, has shown that the company purchased 553 acres of land in outer Delhi.
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Sources said the company was allegedly planning to develop about 482 acres of this land under the Land Development Policy of Delhi Government.
The company had 44 offices in Gopaldas Bhavan, 11 in Indraprasth Building, six in Antariksh Bhavan and five in Statesman house, sources said.
The company was also found to have purchased a 11.5 acre farmland in Rajokari at Delhi-Gurgaon border. They alleged Bhangoo had also bought a farmhouse at Rajokari from tainted Haryana politician Gopal Kanda, who also might be examined in connection with the case.
These four executives were arrested on January 8 this year after they allegedly started changing their statements which were "full of inconsistencies", officials said.
The CBI has also found 1,300 "suspect" bank accounts of the company, its directors, and associated firms, the agency said, adding that it has frozen assets (mostly Fixed Deposit receipts) to the tune of Rs 280 crore. In addition, Rs 108 crore has been deposited with Delhi High Court.
Sources said the agency has seized 20,000 property documents showing investments to the tune of Rs 5,000 crore.
INSIGHTS FROM THE INVESTIGATION
- Pearls group had bought 66 offices in Connaught place alone
- The company also purchased 553 acres in outer Delhi
- It was planning to develop 482 acres under the Delhi government's Land Development Policy