CM orders probe into Pearls Group chit fund scam

Chandigarh, August 18

Advertisement

Chief Minister Bhagwant Mann on Thursday night announced a high-level probe into the chit fund scam by the Pearls Group. He announced this on a microblogging site.

Though the details of the new probe against the company, accused of having duped 5.50 crore investors across the country of Rs 60,000 crore, have not been revealed, sources suggested that the government would help the Supreme Court-appointed Lodha Committee to sell the properties of the company and use the proceeds of the sale to repay the investors.

It is learnt that over 1.50 lakh investors have approached the committee. The committee had further written to the Punjab Government to auction off the properties of the Pearls Group. However, no action has been taken for almost a year since the committee wrote to the state government. The Pearls Group had raised thousands of crores by issuing bogus land allotment letters to investors.