11 more arrested by CBI in Pearls Group scam case
Dec 23, 2021
New Delhi [India], December 23 : Central Bureau of Investigation (CBI) on Thursday arrested eleven persons in a case involving Pearls Group, which allegedly collected around Rs 60,000 crore from about five crore investors from different parts of the country, by floating unauthorised schemes.
A senior CBI official said that all 11 persons including Pearls Group employees and businessmen were arrested from Delhi, Chandigarh, Kolkata, Bhubaneshwar and other locations during the further investigation of a case.
He added that the CBI had earlier registered Preliminary Enquiry on the directions of the Supreme Court of India against Pearls Group, which had allegedly collected around Rs 60,000 crore from around five crore investors all across the country by illegally operating different investment schemes, without any statutory approval, with a motive of duping gullible investors.
On the basis of enquiry, a case vide was registered against M/s. PGF Limited, M/s. PACL Limited, Nirmal Singh Bhangoo and others including Directors of these two flagship companies of the Pearls Group.
During the investigation, Nirmal Singh Bhangoo, Sukhdev Singh, Subrata Bhattacharya and Gurmeet Singh were arrested in the year 2016. A chargesheet was filed against the accused.
To probe the role of other accused and suspects in this multi-thousand crore financial scam, which had adversely affected the interests of millions of investors, further investigation of the case was continued.
