CBI today claimed the documents recovered by it during searches at the premises of Delhi-based business groups PACL and PGF show they allegedly used ponzi scheme to cheat nearly five crore investors of Rs 45,0000 crore.
In its case against PACL and PGF, CBI has named PGF Director Nirmal Singh Bhangoo andn PACL Director Sukhdev Singh besides six other directors of the companies.
The groups had allegedly raised investments from over five crore gullible investors through collective investment scheme under the garb of sale and development of agricultural land, CBI spokesperson said here today.
She said that after preliminary analysis of documents the agency came to know of the enormity of the scam.
In Ponzi schemes, returns are given to investors from the money collected from other depositors in a pyramid-like structure.
"Initial investigation by CBI has revealed an alleged scam to the tune of Rs 45,000 crores in a case relating to an alleged fraud by Delhi-based private company and others through raising investments...through collective investment scheme under the garb of sale and development of agricultural land," CBI said.
PACL and PGF did not respond to emails sent seeking their comments.
The sources said CBI at first did not realise the gravity of the scam and it was only when some laptops were opened they came to know that their earlier estimates about the size of the scam were just a tip of the iceberg.
CBI sources said the agency had carried out an inquiry, on the orders of the Supreme Court, into allegations that the companies had collected crores of rupees through deposits from public at large through their ponzi scheme promising land.