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Home » Exclusives » Pearl company MD NS Bhangoo arrested for Rs 45000 cr scam

Pearl company MD NS Bhangoo arrested for Rs 45000 cr scam

Nirmal Singh BhangooNEW DELHI: The CBI on Friday arrested Pearl Group chairman-cum-managing director Nirmal Singh Bhangoo and three other top officials of the company in connection with the Rs 45,000-crore scam in which an alleged 5.5 crore investors were duped.

Sleuths said they have arrested Bhangoo, CMD of  Pearl Agrotech Corporation Limited (PACL) and ex-chairman of Pearls Australasia Pty Limited, along with Sukhdev Singh, MD and promoter-director of PACL, Gurmeet Singh, executive director (finance) and Subrata Bhattacharya, ED in the PGF/PACL in the ponzi case. CBI officials said the four executives were arrested as they gave inconsistent responses while being questioned at the CBI headquarters.

“The case involves alleged collection of Rs 45,000 crore from about 5.5 crore investors all over the country. The case was registered under sections 120 B (criminal conspiracy) read with 420 (cheating) of IPC,” said a CBI officer. The investors were lured with the promise of huge returns.

Express on December 27, 2015, had reported that as many as 5,85,40,150 investors were duped by the ponzi company. Sebi had also filed a criminal case against the ponzi company in a bid to recover investors’ money.