CBI files additional charges of 60,000 billion. Rs. Pearls Group Fraud Case

In the indictment filed in a special CBI court here, the central investigative agency has also named three companies, Pearls Infrastructure Projects Ltd, ARSS Infrastructure Projects Ltd and Jain Infraprojects Ltd, they said.

The CBI has filed a supplemental indictment against 24 people in connection with a Ponzi fraud of Rs 60,000 crs, allegedly run by the Pearls group, officials said on Wednesday.

In the indictment filed in a special CBI court here, the central investigative agency has also named three companies, Pearls Infrastructure Projects Ltd, ARSS Infrastructure Projects Ltd and Jain Infraprojects Ltd, they said.

The supplementary indictment names 11 accused businessmen who were arrested on December 22, 2021.

It is alleged that Pearls Group companies allegedly raised around Rs 60,000 (approximately) from around Rs 5.5 crore investors across the country by illegally operating various investment schemes without any statutory approval and allegedly with a motive to dupe investors, CBI spokesman RC Joshi.

“It was alleged that the defendants were complicit in this scam, which helped the primary defendant and others illegally operate investment schemes to make quick and easy money, which encouraged investors to invest their funds in such investment schemes, which provided lucrative returns. to investors and then in redirecting such funds through questionable means with the motive of misappropriation, ”said Joshi.

In addition to the three companies, those listed in the indictment include Pearl’s group leaders Harchand Singh Gill, Chander Bhushan Dhillon, Prem Seth, Gurjant Singh Gill, Balvir Singh, Tarlochan Singh, Mohanlal Sehjpal, Kanwaljit Singh Toor, Gurpratap Singh, Harshinder Pal, Kaur, Barinder Kaur, Gurnam Singh and Joginder Tyger.

It also named businessmen Praveen Kumar Agarwal, Anil Kumar Khemka, Mannoj Kumar Jain, Akash Agarwal, Subash Agarwal, Rajesh Agarwal, Prateek Kumar and Brajendra Singh Bhadouriya, private person Janeshwar Dass, and state-authorized public accountant Manmohan Kamal Mahajan.

The CBI had arrested Bhangoo, CMD of Pearls Golden Forest Ltd (PGF) and former chairman of Pearls Australasia Pty Limited, along with Sukhdev Singh, MD and promoter director of Pearls Agrotech Corporation Ltd (PACL), Gurmeet Singh, chief financial officer and Subrata Bhattacharya, PGF / PACL ED on January 8, 2016.

The CBI has alleged that the companies illegally raised huge sums of money from millions of investors from across the country during the clothing sale and purchase of farmland and the promise of high returns, Joshi said.

These companies were allegedly involved in fraudulent activities, including counterfeiting in their illegal operations, he said.

“The investigation also revealed that the accused fraudulently redirected the alleged funds raised under the management of the Jaipur-based Private Company (PACL) for alleged investments in Australian companies. It has been alleged that AUD 132.99 million (approx.) Showed to have been redirected to Australian companies, ”he said.

An indictment was filed against the accused, including private companies, on April 7, 2016, after which the CBI focused on looking at other aspects of economic crime and the role of other accused in it, officials said.

During the investigation, it was found that the investments were received by the said Pearls group from investors against fraudulent and false sale of agricultural land and development of such lands on behalf of investors.

“It was also alleged that no land development work was carried out and the funds were redirected by directing the same through several shell companies controlled by different entry operators / other associated companies / groups. These companies were not in the process of carrying out land development work and worked only as channels for illegal redirection of funds, ”said Joshi.

Financial Express Telegram Financial Express is now on Telegram. Click here to subscribe to our channel and stay up to date with the latest Biz news and updates.

.

Give a Comment