CBI Arrests 11 People Linked to Pearls Group Rs 60k Cr Investment Scam | Chandigarh News
Mohali: The Central Bureau of Investigation (CBI) arrested 11 other people, including businessmen and Pearls Group employees, in connection with the Pearls Group scam of Rs 60,000 crore. The group, with roots in Mohali, is accused of duping gullible investors.
The 11 defendants were arrested in Mohali, Delhi, Chandigarh, Kolkata, Bhubaneshwar and many other states. They have been identified as Chander Bhushan Dhillon, Prem Seth, Manmohan Kamal Mahajan, Mohanlal Sehajpal, Kanwaljit Singh Toor (all of the Pearls group), Praveen Kumar Agarwal, Mannoj Kumar Jain, Akash Agarwal, Anil Kumar Khemwal, Rajhash Agarwal, Rajhash Agarwarwal, (all businessmen). The CBI had previously registered a preliminary investigation into the Supreme Court’s instructions against Pearls Group, which allegedly raised around Rs 60,000 crore from around five crore investors across the country by illegally operating various investment programs, without any legal approval, with the intention to fool them. Based on the investigation, a case was registered against M / s PGF Limited, M / s PACL Limited, Nirmal Singh Bhangoo and others, including directors, of these two flagship companies of the Pearls group in 2014.
Bhangoo, Sukhdev Singh, Subrata Bhattacharya and Gurmeet Singh were arrested on January 8, 2016 and charges were laid against them on April 7, 2016, the CBI spokesperson said.
As the investigation continued, the Punjab Police SIT arrested Har Satinder Singh Hayer in May 2021, for alleged illegal sale of properties of PACL India Limited, also known as Pearls Group, valued at hundreds of crores despite the Supreme Court’s restraining order. Hayer, who is Bhangoo’s stepson, was arrested in Mohali with documents relating to the property.