The CBI has filed a chargesheet in the Rs 45,000 crore Pearls Group chit fund scam, in which 5.5 crore investors were duped. The chargesheet named company chief, Nirmal Singh Bhangoo, and three other top officials.
On 8 January, RK Gaur CBI Press Information Officer said that the following people were arrested in the PGF/PACL Ponzi Scheme Case:
- Nirmal Singh Bhangoo, CMD of PGF Limited and ex-Chairman of Pearls Australasia Private Limited
- Sukhdev Singh, MD and Promoter-Director
- Gurmeet Singh, Executive Director (Finance)
- Subrata Bhattacharya, Executive Director
The case was registered under sections 120 B (criminal conspiracy) read with 420 (cheating) of the IPC.
Sources said that during questioning, the accused gave inconsistent statements and stopped cooperating, which resulted in their arrest.
The investors in the scheme were lured with the promise of huge returns.
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