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.
 
  • User

    COMMENTS

    Sukhvir singh

    5 months ago

    I am pacl (sabie ) hu money rifand (u390240800)

    Dignesh Bhatt

    2 years ago

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    Albert

    3 years ago

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    3 years ago

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    ashish kamat

    3 years ago

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    ashish kamat

    3 years ago

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    ashish kamat

    3 years ago

    Hi

    Bhavana Jain

    3 years 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.

    REPLY

    Dignesh Bhatt

    In Reply to Bhavana Jain 2 years ago

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    3 years ago

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    Dignesh Bhatt

    In Reply to Lindy Nquma 2 years ago

    Champcash is a fake company they r asking for 1 time investment aftr 15days of joining pls go to dashboard n refer FAQ for detail

    PPM

    4 years 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

    4 years ago

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

    Subramani P K

    4 years 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.

    CBI raids in Maharashtra, Odisha over chit fund scam
    The CBI on Tuesday conducted searches at 58 locations of Samruddha Jeewan Group of companies across Maharashtra and Odisha in its ongoing probe in the multi-crore chit fund scam, an official said.
     
    The agency carried out the searches at the office premises of the Pune-based private firm and its sister companies.
     
    The residential premises of alleged accused and suspected directors are also being searched, a Central Bureau of Investigation (CBI) official said.
     
    The raids are being conducted following two cases registered by the agency against Samruddha Group on charges of criminal conspiracy, fraudulent, criminal breach of trust, and sections of the Prevention of Corruption Act.
     
    "Searches are being conducted at 58 locations in Maharashtra and Odisha against Samruddha Jeewan Group of companies in connection with two alleged chit fund cases," the official said.
     
    "This is one of the chit fund companies that had allegedly collected money from common man without having any valid legal authority," the official said.
     
    The official said the raids are being conducted at 58 locations in Pune, Nasik, Aurangabad, Solapur and Odisha.
     
    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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    CBI raids Bengal ponzi firm's premises
    The CBI on Wednesday raided at least 18 different locations of Ramel Group of Industries across West Bengal in the chit fund scam, an official said.
     
    "Searches are being conducted at 18 places in West Bengal in connection with investigation of case against Ramel Group. Searches are being conducted at the official and residential premises of the group and its managing directors and directors," a Central Bureau of Investigation official said.
     
    The Ramel group was one of the several non Saradha Group companies against which the CBI registered cases for illegally raising public money.
     
    Having found guilty of operating Collective Investment Schemes (CIS) without obtaining its approval, market regulator Securities and Exchange Board of India (SEBI) in July 2014 asked Ramel Industries to immediately wind down its scheme that raised over Rs 97 crore from investors.
     
    Ordering refund of the collected money, the SEBI also barred Ramel Industries as well as its promoters and directors from dealing in capital markets till the refund was complete.
     
    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

    COMMENTS

    Hadubandhu Gouda

    3 years ago

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    3 years ago

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