CBI forms special teams to probe Pearls scheme

CBI has formed four special teams to fast-track probe in the alleged Rs 45,000 crore ponzi scam related to Pearls Agrotech Corporation Ltd (PACL) and Pearls Golden Forest Ltd (PGF).
CBI sources said here today that the agency is taking the probe in the case very seriously and four teams have been constituted to go into the various facets of the case simultaneously to conclude the investigation as soon as possible.
The agency has examined Managing Director of Pearls group Nirmal Singh Bhangoo in connection with the scam and might consider sending Letters Rogatory to Australia to get details of his business interests in that country, the sources said, adding that a final decision on judicial request will be taken based on the requirement of the case.

CBI had registered the case in connection with alleged irregularities in ponzi schemes in which nearly five crore investors were duped by the company of their hard-earned money to the tune of about Rs 45,000 crore.
The sources said the agency has named Bhangoo and PACL director Sukhdev Singh besides six other directors of the companies in a case of criminal conspiracy and cheating.
The company had denied any wrong doing.

"Initial investigation by CBI has revealed an alleged scam to the tune of Rs 45,000 crore in a case relating to an alleged fraud by Delhi-based private company and others through raising investments...Through collective investment scheme under the garb of sale and development of agricultural land," CBI had said in a statement.

The inquiry was carried out on the orders of the Supreme Court into allegations that the companies had collected crores of rupees through deposits from the public at large through their ponzi scheme promising land.
"It was revealed that PGF, on being directed by the High Court of Punjab and Haryana to wind up the scheme and refund the money to the investors, a similar fraudulent scheme was operated under the name of PACL with office at Barakhamba Road (here)," the agency had said.