Pearl scam: SC-appointed Lodha panel flags illegal property sales in Punjab's Mohali

The Pearl Scam, which defrauded people of Rs 48,000 crore, has resurfaced with the illegal sale of about 50 plots in Sector 104, a prime piece of land linked to the scam in Mohali. These plots have been sold at approximately one-third of their market value.

The Supreme Court-appointed Justice R M Lodha Committee, the custodian of all attached properties of the Pearls Group, has flagged the illegal sales and issued a statement that no sale or purchase is permitted.

The Lodha Committee, in a public notice issued in The Tribune on Wednesday, stated that no family member of Nirmal Singh Bhangoo, the mastermind behind the scam, or any individual other than the Committee is authorised to sell the property of the Pearls Group.

For the past few weeks, significant construction activity has been taking place in Sector 104, where individuals have erected boundary walls and even built rooms to claim ownership of the plots. Despite having no official property registration, these individuals are relying on letters of possession issued by an ‘unidentified’ authorised signatory.

Although the properties remain unregistered, the new occupants have gone as far as installing power supply connections and water pumps. Sources suggest that influential figures, including police, legal professionals, and politicians, are involved in facilitating these illegal constructions and possessions. Notably, a prominent AAP leader has shown interest in real estate dealings in Sector 104, as well as Sector 100.

Sources said the plots have been sold at approximately Rs 15,000 per square yard, while the market price for such plots is around Rs 45,000 per square yard. Some of the plot owners have even hired bouncers for security, further escalating the situation.

The Pearl Scam, also known as the PACL (Pearls Agrotech Corporation Limited) scam, is one of India's largest Ponzi schemes. Led by Nirmal Singh Bhangoo, the Pearls Group allegedly defrauded over 5.5 crore investors of approximately Rs 48,000–Rs 60,000 crore. The scheme promised agricultural land and high returns on investments, but the land was either non-existent or unusable.

Nirmal Singh Bhangoo was arrested by the CBI in 2016 and passed away in 2024. His son-in-law, Harsatinder Pal Singh Hayer, was arrested on March 21, 2025, by the Enforcement Directorate (ED) for his involvement in laundering the proceeds of the scam.

The ED has attached assets worth Rs 244 crore in India and Rs 462 crore in Australia, including real estate properties and financial instruments tied to the fraud.

Sector 104 in Mohali is one of the key properties linked to the Pearls Group. The group reportedly owned two entire sectors (100 and 104) in Mohali, which were intended as residential townships.

Nirmal Singh Bhangoo, originally a milkman in Punjab, rose to prominence by running high-return investment schemes. His ventures expanded internationally, with investments in Australia. However, his fraudulent activities led to his arrest and eventual imprisonment, marking a major financial scandal in India.