Eleven people were arrested by the Central Bureau of Investigation (CBI) in connection with a case involving Pearls Group which allegedly collected close to ₹60,000 crores illegally from different parts of the country.
The Pearls group alleged collected ₹60,000 crores from about five crore investors by floating unauthorized schemes from different parts of the country.
All 11 people including Pearls Group employees and businessmen were arrested from Delhi, Chandigarh, Kolkata, Bhubaneshwar among other locations during investigation in the case, a senior CBI official informed.
He said that on the directions of the Supreme Court, the CBI had earlier registered a Preliminary Enquiry against the group on charges of collecting approximately ₹60,000 crores from investors across the country.
They floated different and dubious investment schemes without any statutory approval with a motive of duping gullible investors, he added.
A case vide was registered against M/s. PGF Limited, M/s. PACL Limited, Nirmal Singh Bhangoo, and others including Directors of these two flagship companies of the Pearls Group, based on investigations.
Nirmal Singh Bhangoo, Sukhdev Singh, Subrata Bhattacharya, and Gurmeet Singh were arrested in the year 2016 during the course of the investigation. A charge sheet was also filed against the accused.
Further investigations continued in order to reach the bottom of the huge financial scam which affected the interests of millions of investors.