A team of Crime Branch sleuths have sealed the office of Pearls India Limited (PACL), a real estate development firm, here after a day-long raid on its premises in connection with a case registered under the Money Chain Act by the Thalassery police in 2011.
According to sources, a team led by Superintendent of Police (Economic Offence Wing) P.A. Valsan raided the office from 11 a.m. to 6 p.m. Documents relating to nearly Rs.33 crore collected from around 20,183 customers from the district were seized, a Crime Branch official said.
The PACL offices in Kozhikode and Thrissur were raided by the Crime Branch on December 1 and 2 respectively. Both offices were sealed and documents showing clash transactions to the tune of Rs.267 crore seized from Kozhikode and of Rs.592 crore from Thrissur.
‘‘We are in the process of ascertaining whether they have been issued licence to collect money from people. They collected money under the guise of offering land in major cities in States including Madhya Pradesh, Rajasthan, and Andhra Pradesh as per a cash-down payment plan and an instalment payment plan,’’ the official added. But the customers have not been provided with land against the payment, he said.
A case was registered by the Thalassery police when agents of PACL collected huge amounts of money from a number of people at Sarada Krishna Aiyar Auditorium in the town in 2011.