The CBI on Friday arrested Pearls Group chief Nirmal Singh Bhangoo and his three colleagues in connection with a ponzi scam involving over Rs.45,000 crore collected from 5.5 crore investors.
The amount was collected allegedly through Pearls Agrotech Corporation Ltd. (PACL) and Pearls Golden Forest Ltd. (PGFL) on the promise of allotting agricultural land to investors from Delhi, Punjab, Haryana, Rajasthan and other States.
Bhangoo, CMD and promoter-director of PGFL, is the former chairman of Pearls Australasia Pty Limited. The CBI has identified the other arrested persons as Sukhdev Singh, managing director and promoter-director of PACL; Gurgmeet Singh, executive director (finance); and Subrata Bhattacharya, executive director of PACL.
“During the questioning, they were giving inconsistent statements and were not cooperating. Therefore, the four accused were arrested for custodial interrogation,” said a CBI official.
