The two real estate fund companies Pearls Golden Forest and Pearls Agrotech Corporation Limited have duped 61 lakh investors in Maharashtra and 1.3 crore investors in Uttar Pradesh in its 45,000 crore ponzi scheme fraud.
As per the conservative estimate of Central Bureau of Investigation on Friday said the two companies have cheated five crore investors all across the country including 51 lakh investors in Tamil Nadu, 45 lakh in Rajasthan and 25 lakh in Haryana. Investigtors have also frozen 1,000 accounts of the two MDs opened in 35 banks all across India.
The CBI had registered a case against two managing directors of PGF and PACL, Nirmal Singh Bhangoo and Sukhdev Singh, in February, after conversion of a preliminary enquiry registered earlier on the direction of the Supreme Court.
After CBI registered the case, the accused duo applied for anticipatory bail, which they withdrew on Friday. CBI has conducted raids at various places in Delhi, Chandigarh, Punjab and Haryana in connection with the case and would soon examine the accused as well.
The two companies have raised investments through 'collective investment scheme' purpotedly for sale and development of agricultural land. They would issue fake land allotment letters to induce the investors.
When high court of Punjab and Haryana ordered the compnaies to wind up the scheme and refund the investors in Punjab, they started a similar scheme under the name PACL in the capital.
"Funds collected from new investors of PACL were used to repay the earlier investors to stave off criminal prosecution. Funds have been raised by the two companies through a vast network of several lakh commission agents spread all over the country who were being paid hefty commissions for luring the investors," said a senior CBI official. Sebi notified Collective Investment Scheme Regulations in 1999 and asked more than 1,000 companies to wind down and refund investors. Both PACL and PGF found themselves in the list. Later, both the companies approached the court.
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