The Central Bureau of Investigation (CBI) has arrested 11 more persons, including businessmen and Pearls Group employees in connection with Rs 60,000 crore Pearls Ponzi Scheme case.
The 11 persons have been identified as Chander Bhushan Dhillon, Prem Seth, Manmohan Kamal Mahajan, Mohanlal Sehajpal, Kanwaljit Singh Toor (all from Pearls Group); Praveen Kumar Agarwal, Mannoj Kumar Jain, Akash Agarwal, Anil Kumar Khemka, Subhash Agarwal, Rajesh Agarwal (all businessmen) from Delhi, Chandigarh, Kolkata, Bhubaneshwar.
The agency had earlier registered a preliminary enquiry on the directions of the Supreme Court against Pearls Group, which had allegedly collected around Rs 60,000 crore from around five crore investors all across the country by illegally operating different investment schemes. The group had no statutory approval and its intention was to cheat the investors.
The accused had given land guarantee to the investors to lure them. The people were told that they would be getting an interest of 12.5 per cent if they would invest. They were offered free accidental insurance and income tax free maturity on their investments. The accused had also promised the investors that the value of the land that they were purchasing would multiply fast.
A case was registered later on the basis of the enquiry against PGF Limited, Ms PACL Limited, Nirmal Singh Bhangoo and other Directors of these two flagship companies of the Pearls Group.
During investigation, Nirmal Singh Bhangoo, Sukhdev Singh, Subrata Bhattacharya and Gurmeet Singh were arrested in January 2016. Later in April 2016 the CBI filed it's first charge sheet against them.
The CBI had identified properties of Nirmal Singh Bhangoo worth Rs 1.85 lakh crore in the current market rate across the country. The accused had also invested in Australian companies.
Meanwhile, the Enforcement Directorate is also probing a case of PMLA in this connection.