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The Economic Offences Wing of the Mumbai Police has registered a complaint by one investor against PACL Ltd , a real estate development company. The investigating agency is currently conducting a preliminary inquiry.
EOW may file a first information report later or transfer the case to Central Bureau of Investigation as the case is already being looked into by the latter investigating agency.
PACL Ltd ran a collective investment scheme, mobilising about Rs 50,000 crore. Securities and Exchange Board of India (Sebi) last week asked the company to refund its investors and wind up operations.
The refund is to take place within three months, with a winding-up and repayment report to be submitted to Sebi within another 15 days, according to a 92-page order by Sebi whole-time member Prashant Saran.
In February this year, CBI had registered a case against the promoters of PACL and its sister firm PGF Ltd. This followed the agency conducting an inquiry, as directed by the Supreme Court into allegations of collection of huge deposits from the public. “The inquiry resulted in a case against them and their associates for criminal conspiracy and cheating,” a CBI spokesperson was quoted as saying at that time.
The company claimed it was in the business of purchasing and developing land, adding the developed land was transferred to investors, who could sell it for gains. The company is said to have paid commission of Rs 7,893.8 crore up to March 2012. It had 58.5 million customers, more than twice the 22 million demat accounts in the entire country. Of these, the company was yet to allot land to 46.3 million investors.
