MLM / Chain Money
PACL group chairman Nirmal Singh Bhangoo, three others arrested
The CBI has arrested four officials of PACL including its CMD, MD, and two executive directors in the Rs45,000 crore scam
 
The Central Bureau of Investigation (CBI) on Friday arrested four officials of PACL (earlier Pearls Agrotech corp), including Nirmal Singh Bhangoo, chairman and managing director (MD), Sukhdev Singh, MD and promoter-director and two executive directors Gurmeet Singh and Subrata Bhattacharya in the Rs45,000 crore collective investment scam. 
 
Last month, market regulator Securities and Exchange Board of India (SEBI), as part of its recovery proceedings, had attached all bank and demat accounts, mutual fund portfolios of PACL Ltd and its eight directors and promoters. Besides PACL, its promoters and directors against whom SEBI initiated the proceedings, are Tarlochan Singh, Sukhdev Singh, Gurmeet Singh, Subrata Bhattacharya, Nirmal Singh Bhangoo, Tyger Joginder, Gurnam Singh, Anand Gurwant Singh and Uppal Devinder Kumar.
 
SEBI said, the recovery proceedings have been initiated for their failure to comply with its order issued on 22 August 2014 directing, PACL and its directors and promoters to wind up the schemes, and refund Rs49,100 crore to the investors within three months from the date of the order. 
 
According to SEBI, the amount due to investors of PACL would be over Rs55,000 crore. This  includes promised returns, further interest, all costs, charges and expenses incurred in respect of all the proceedings taken for recovery of Rs49,100 crore from PACL. 
 
PACL (earlier Pearls) is a Delhi-based company, proclaiming itself as a real estate company which has collected huge money for the last 13 years from almost six crore people from all the states in India.
 
The mobilisation of funds by PACL traces back prior to 1997. Upon receipt of a complaint, SEBI on 30 November 1999 and 10 December 1999 issued letters asking PACL to comply with the provisions of the collective investment scheme (CIS) Regulations. 
 
PACL challenged these letters before the High Court of Rajasthan in December 1999, claiming that its scheme does not fall under the definition of CIS as defined under the CIS Regulation and SEBI Act. PACL also challenged the constitutional validity of the CIS Regulations. 
 
The Rajasthan High Court on 28 November 2003, held that PACL's schemes were not CIS as defined under Section 11AA of the SEBI Act. The HC also quashed SEBI's letters issued to PACL.
 
SEBI filed an appeal before the Supreme Court against the order of Rajasthan HC. The SC on 25 February 2013, while allowing the appeal upheld the constitutional validity of CIS Regulations, and directed SEBI to investigate the matter and take appropriate actions. 
 
After conducting inquiry, SEBI on 22 August 2014, issued an order directing PACL, its promoters and directors to wind up all the existing CIS and refund the monies collected by the company to investors as per the terms of offer within a period of three months from the date of the Order. 
 
PACL filed an appeal before the Securities Appellate Tribunal (SAT), which was dismissed on 12 August 2015. The SAT directed PACL and its promoters-directors to refund the money within three months. Since the company and its promoters-directors failed to refund the money to the investors as per the directions of SEBI and SAT, the market regulator said it has initiated the recovery proceedings.
 

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COMMENTS

Albert

4 months ago

[email protected]

Albert

4 months ago

My want business yes

ashish kamat

5 months ago

Hi

ashish kamat

5 months ago

Hi

ashish kamat

5 months ago

Hi

Bhavana Jain

7 months ago

What are the regulations required to run a apps download company like champcash. There i no money rotation involved in it as company is paid for apps downloads and in turn distribute the portion to its users.

Lindy Nquma

8 months ago

I think I like everything I read about you can't wait to be part of the family

PPM

1 year ago

I am really surprised about the people who had invested in PACL and asking the government to get the money back.

- Did they check the authenticity of the company before investing?

I am sure most of the investors of PACL did not even read the application form and they put the money based on the advise of the agents.

One question, suppose the PACL investors make big money out of it, will they give it to GOI?

In my opinion, investors are responsible for their actions and GOI (SEBI) can only check for the systemic faults. That too, going by the experience of SEBI (since 1992), will not do any thing against the scamsters, rather SEBI support them.

SEBI will close the barn only after all the cattle left. SEBI do not want small investors to invest in the market and will do any thing to shoo away the retail investors.

Sangram Rath

1 year ago

what is the next procedure...how we get oyr money?

Subramani P K

1 year ago

This type of cheats should not be let out on bail and all their properties should be confiscated forth with and action taken to return the dues to the investors. They would have transferred all the money collected to binami a/cs and all that should be traced & the money deposited in such accounts also confiscated without delay. It has already taken from 1997 till 2015 to find out the fraud & recovery and further delay will jeopardize the settlement of claims.

Probe ordered into bigamy charge against Punjab SP
Chandigarh : The Punjab Police on Friday ordered a probe into the bigamy charge against its superintendent of police Salwinder Singh, who has been questioned by the NIA over his alleged abduction by terrorists who later attacked the Pathankot air force base.
 
The Punjab DGP marked the probe to Hoshiarpur Senior Superintendent of Police Dhanpreet Kaur after Karanpreet Kaur of Tanda Urmur in Punjab claimed she was married to Salwinder Singh in April 1994 when he was posted as an assistant sub-inspector in Amritsar.
 
"A fact-finding enquiry has been instituted by the DGP, Punjab, on the news reports regarding statement of a Tanda-based woman who has levelled accusations of bigamy against SP Salwinder Singh," a Punjab Police spokesman said here.
 
The SSP has been asked to submit a report at the earliest, the spokesman said.
 
National Investigation Agency officials are already questioning Salwinder Singh since Tuesday evening over his claims that he was abducted by suspected Pakistani terrorists who later attacked the Indian Air Force base in Pathankot, 250 km from here, in a pre-dawn attack on January 2.
 
The NIA team took the police officer on Wednesday to various spots to reconstruct the sequence of events before the terror attack.
 
His jeweller friend Rajesh Verma and cook Madan Gopal are also being questioned.
 
The SP is being questioned as a suspect due to inconsistencies in his version of his alleged abduction and the statements of his two companions, a police source said. 
 
Seven security personnel, including an officer of the National Security Guard, were killed in the Pathankot attack. All six terrorists involved in the incident were also killed. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Netflix in India: The ifs and buts of on-demand streaming
Upon its much anticipated launch in India, Netflix is offering a free one-month subscription to users
 
New Delhi : The arrival of popular American on-demand streaming website Netflix in India has given much reason to cheer, but users have raised concerns on data consumption and internet speed. Nevertheless, the excitement is at its peak, especially since the content comes without censorship.
 
A quick look at the Netflix original series "Narcos", which features some intimate lovemaking scenes, affirmed that there is no discernible censorship which could bother viewers, who are mostly used to snipped and beeped content.
 
"Netflix is an on-demand service that allows people to choose to sign up and decide what, where and when to watch. The service includes ratings guides and episode synopses to help people decide, and we also provide a PIN-code system to ensure children can't view certain content," a Netflix spokesperson told IANS. 
 
There's a melange of exclusive content, including Netflix original TV series such as "Marvel's Daredevil", "Marco Polo" and "Narcos", as well as Netflix original movies, documentaries, stand-up comedies and TV shows for children in addition to a broad variety of licensed programming. 
 
There are also popular Hindi films like "Piku", "Singh is Kinng", "Hum Aapke Hain Koun..!", "Hate Story", "Hum Saath Saath Hain", among others, with a promise to add more "as the service grows in popularity", in the Indian market, which saw the launch of movie streaming platform Hungama Play in mid-2015.
 
Upon its much anticipated launch in India, Netflix is offering a free one-month subscription to users. After that, there are three monthly paid plans available, which are worth Rs.500, Rs.650 and Rs.800, which can be paid with an international credit card via Netflix, through the iTunes app store in most markets and via Paypal.
 
As per Netflix, watching films or TV shows on its site can exhaust about 1 GB of data per hour for each stream of standard HD video, and up to 3 GB per hour for each stream of HD video.
 
Despite that, it's got the potential for being a game-changer, believes film and TV industry veteran Amit Khanna.
 
"It ushers in anytime, anywhere, anyscreen video on demand. As Netflix and similar services like Amazon, Hulu, Hooq enlarge their repertoire along with the advent of true broadband and 4G, filmed entertainment will change forever," Khanna, the former chairman of Anil Ambani-led Reliance Entertainment Limited, told IANS.
 
Netflix's launch has created a great buzz among movie and TV show afficionados in the country, many of whom believe it's a great move, yet data consumption and slow internet speed could act as deterrents.
 
Delhi-based event manager Saurabh Zutshi, 27, believes "it's a pretty good deal", but data consumption could be a restriction. 
 
"As long as we get original Netflix content uncensored and unedited, it's a pretty good deal... The only drawback is data consumption. Two hours of HD streaming can consume upto 700 mbs," he said. 
 
Mumbai-based musician Paresh Garude is excited that he won't have to worry about lack of space while downloading content. 
 
"Sometimes you crib about not having enough space to download your favourite series. Thankfully, I don't have to worry about any of those things any more. Goodbye, social life. I m getting married to my computer," Garude, 25, said. 
 
However, 19-year-old engineering student Nehal Shastri, raised an important concern regarding the expenses of broadband in India. 
 
"It's one thing to pay a subscription fee, but one will also have to pay significantly more for their broadband if they want to replace their DTH services," he said, while 23-year-old student Nikhil Warekar feels Netflix will face a "massive technical challenge" in India due to slow internet speed. 
 
"Majority of Indian internet users can't even stream YouTube videos without waiting for buffering. How would that feel while streaming a movie?" he commented. 
 
Time and again, the film industry in India has rued about the issue of piracy in the country. Will the launch of Netflix solve this issue? 
 
Bangalore based digital specialist Sandesh Shenoy, 37, feels that Netflix might "make a dent into piracy". 
 
"The pricing is very attractive and any middle class person can afford it on a monthly fee basis. I definitely would be interested in subscribing to such a service," he said.
 
Netflix also addresses the question regarding adjusting data usage, with four settings: Low (0.3 GB/hour), medium (SD: 0.7 GB/hour), High (Best video quality, up to 3 GB/hour for HD and 7 GB/hour for Ultra HD) and auto. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Jack86

1 year ago

Thanks for the article. Although this is great news, the new Netflix regions will lack content compared to the US Netflix. If you want to get a good value for your money, you can use services like Unotelly and access all regions of Netflix. You get about 1000% more content with a minimum cost.

Aditya G

1 year ago

I used Netflix yesterday. Seemed pretty decent nothwithstanding extremely limited content (which is a bummer). Streaming is smooth, with NO buffering at all!

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