Pearls group owns two full sectors in Mohali, CBI probe claims

New Delhi, April 26

Pearls Group, allegedly owns two entire sectors - 100 and 104 - in Mohali and about half of two others - Sectors 96 and 99, an analysis by the CBI into the assets of the group, which is accused of duping over five crore investors of about Rs 51,000 crore, has claimed.

CBI sources said the group was planning to develop the sectors as residential townships, by naming it Pearls City, which its website claims is spread over 500 acres.

They said the agency is looking into the assets of the company, which has allegedly duped over five crore investors to the tune of about Rs 51,000 crore by luring them to provide land in return for their investment.

The CBI found that in addition to the alleged ownership of the land of Mohali, the group also owns 750 acres in Banur near Chandigarh, which is emerging as a new property hub in Punjab, the sources said.

The sources said the group also owns 400 acres of land in Ludhiana, besides vast lands in Zirakpur in Punjab, on which it is developing Nirmal Chaya residential colony.

Zirakpur in Punjab is fast emerging as satellite town near Chandigarh.

The agency had earlier found 66 offices of the company in posh Connaught Circus area here besides huge swathes of land spread around the national capital.

They said the properties could run into thousands of crores as per the present market rates prevailing in the area.

The agency is giving details of the properties to the Justice R M Lodha committee, which has been entrusted by the Supreme Court to work on steps to return the money collected from the investors.

The apex court had directed the agency to hand over all the records related to properties of PACL to Sebi, which was asked to take steps to sell the land for the purpose of refunding money to the investors.

Pearls group Chairman Nirmal Singh Bhangoo and three other executives were arrested by the CBI on January 8 in connection with the alleged swindling of depositors' money. —PTI