CBI Arrests Pearls Group Chief Nirmal Singh Bhangoo

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New Delhi: CBI on Friday arrested Chairman-cum-Managing Director of Pearls Group Nirmal Singh Bhangoo and three other top officials in connection with Rs 45,000 crore alleged scam in which 5.5 crore investors were duped.

Bhangoo, CMD of PGF Limited 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 Ponzi Scheme Case, CBI Press Information Officer RK Gaur said.

Senior CBI officials said the four executives were arrested after detailed questioning on Friday at agency headquarters.

The sources said during the questioning they were giving inconsistent statements and stopped cooperating which resulted in their arrest.

“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,” Gaur said. The investors were lured with the promise of huge returns.

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