Tribune News Service
New Delhi, September 12
The Enforcement Directorate (ED) today filed a prosecution complaint in the Tis Hazari court against Pearls Group, its chief Nirmal Singh Bhangoo and others in connection with a ponzi scam.
The prosecution complaint relates to PACL Limited’s attached properties in Australia, valued at Rs 472 crore.
Fraudulent activities on part of promoters and directors of PACL and PGF were observed, the ED said.
The accused “collected over Rs 48,000 crore from investors all over the country in the garb of sale and development of agriculture land. PACL Limited invested Rs 164 crore in Pearls Infrastructure Projects Limited (PIPL) for acquiring 25.37 per cent stake directly”.
In all, the PIPL (an associate company of PACL) received Rs 657.18 crore from PACL between 2009 and 2014.
The court has posted the matter for September 26. (with PTI inputs)
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