Pearls Group director Harchand Singh Gill arrested in Rs 60,000-crore ponzi scam

New Delhi, March 7

The CBI has arrested Harchand Singh Gill, director of a Pearls Group company, who was deported from Fiji in connection with a Rs 60,000-crore ponzi scam, which was allegedly orchestrated by the parent firm, officials said today.

Was Deported from Fiji

Claiming that HS Gill was the director and shareholder of a Pearls Group company, the CBI alleged he had attended board meetings where all important decisions were taken. He was deported from Fiji in connection with ponzi scam.

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A team of CBI officials brought back Gill from Suva in Fiji under ‘Operation Trishul’. Gill was arrested on landing here.

The CBI had launched the operation to bring back fugitives living abroad. Around 30 fugitives have so far been successfully brought to India under it since its launch last year.

The officials said a special court had issued a non-bailable warrant of arrest against Gill. The CBI had got a Red Corner Notice published against him through Interpol, they added.

The CBI had instituted a probe against the Pearls Group and its founder Nirmal Singh Bhangoo on February 19, 2014, on the allegations of cheating 5.5 crore investors by offering them land in return of their investments. It has alleged that over Rs 60,000 crore was siphoned off by the company by duping investors across the country.

Claiming that Gill was the director and shareholder of the PGF, a Pearls Group company, the CBI alleged he attended board meetings where all important decisions were taken.

The arrested accused allegedly conspired with other directors of the company to operate the scheme illegally without any statutory approval, a spokesperson in the CBI said, adding: “These schemes were running illegally and both the companies were allegedly engaged in fraudulent activities, including forgery in their day-to-day operations.”