Twitter
Advertisement

dna expose: Ponzi guru caught on tape devising new scheme to entrap depositors

Audio and video tapes in dna's possession, show Bhangoo elucidating to depositors on how he plans to use dubious societies registered in Gujarat and Maharashtra to cheat more people to pay off his current victims.

Latest News
article-main
Nirmal Bhangoo
FacebookTwitterWhatsappLinkedin

Even as the Central Bureau of Investigation (CBI) and stock market regulator Securities and Exchange Board of India (SEBI) struggle to nail the culprits behind the Rs 46,000-crore Pearl Agrotech (PACL) ponzi scheme, dna has caught PACL honcho Nirmal Bhangoo on tape devising strategies to further entrap gullible depositors.

Audio and video tapes in dna's possession, show Bhangoo elucidating to depositors on how he plans to use dubious societies registered in Gujarat and Maharashtra to cheat more people to pay off his current victims.

Bhangoo is caught on tape telling depositors, "We have floated these societies. People will invest money in these societies. PACL will sell land to these societies and take money from them. There are two ways in which we will get money: by selling land to societies and by selling PACL's properties," brags Bhangoo in the taped conversation, which took place in a luxurious farmhouse.

What is surprising is that before this revelation by dna, the CBI was completely unaware that PACL had floated such societies to continue to attract deposits from hundreds of new customers. In effect, Bhangoo, through these societies, was floating yet another ponzi scheme to pay-off the close to 6-crore victims of his existing Rs 46,000-crore ponzi scam. The CBI had filed an FIR against Bhangoo in 2014 but had frozen its accounts and assets.

dna has learnt that PACL is operating various societies across India; especially Maharashtra, Gujarat, Rajasthan, Orissa and Chattisgarh with different names like Parakram multi-state credit cooperative societies, Mesmeric private limited, Kissan agro-tech cooperative societies, Lotus agriculture etc. These socities have close to one lakh members who have invested close to Rs 98 crore in these dubious societies.

Interestingly Bhangoo brags about his ability to sell off PACL's assets to raise more money in the taped conversation. However, the Supreme Court (SC) of India in April this year had formed a special committee of two retired judges to facilitate the sale of PACL's assets so that the money recovered could be used to pay back depositors who had lost their money. The SC has asked CBI and SBI to draw a list of PACL's properties that could be disposed of in an appropriate manner.

PACL executive of Gujrat Bhaje Govind Singh Rana can be heard saying in the tape "if any customer forces for a refund, we can pay them out of these societies which we are running secretly".

Bhangoo and his company PACL promised investors that their invested sum would be doubled and those who cannot be compensated with money would get a residential plot with 40 percent extra deposit over next six years.

Neither was the money paid back nor were any plots given to depositors. Many investors committed suicide after losing all they had in the ponzi scheme. Shockingly, now the same promises are being made by Bhangoo to members of his secret societies in Western India.

Despite the strong taped evidence in dna's possession, Bhangoo's men have professed their innocence saying "we do not run any credit society or company."

The ponzi conman is back to his old ways yet again. The fear of the SC, SEBI or CBI seems to be no deterrent for a man who duped thousands of their billions. And still, as the taped conversations with dna show, will continue to do so.

PACL response

PACL is in no way associated with any credit society or any company. It has no investments in the US either. Nirmal Bhangoo used to meet marketing people in his own capacity. Some people who left PACL are spreading such rumours for own benefits. PACL is committed to fulfil its commitments to investors and is trying to sell its properties to pay back the investors– Subrata Bhattacharya, director, PACL

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement