Pearls group MD booked for Rs 45,000 crore scam

Bhangoo, who is believed to be close to the Punjab government and has close ties with influential people in the state, could have left the country since his empire is not limited to India and this led to the decision to seize his passport, the sources said.

Sources said he was also confronted with details of the bank accounts that the agency is scrutinising.

After Sahara chief Subrata Roy's arrest on the directions of the Supreme Court for cheating thousands of investors, the CBI is ensuring that there is no similar slip-up in Bhangoo's case.

Bhangoo has been accused of running a ponzi scheme whereby investors were given fake guarantees that they would be provided plots of agricultural land.

Sources said one of the countries where Bhangoo has a base is Australia.

After being introduced to opportunities in Australia by the Australian Trade Commission or Austrade, the group began expanding its operations Down Under in late 2009 by purchasing the Sheraton Mirage Resort and Spa in Gold Coast, Queensland.

Operations of Pearls Australia span multiple sectors—apartments block, hotels, mini apartments and much more.