PACL Investors Helpless and Left in a Lurch as Claim Submission Date Ends
Thousands of desperate investors, who have lost money in PACL Ltd are pleading for an extension of time to submit their refund claims. PACL (or Pearls) is one of the largest Ponzi schemes in India which had been allowed to run for decades amassing over Rs49,000 crore.
 
Following regulatory action, investors were asked to submit refund claims for which the cut-off date was 31 July 2019. However, scores of investors have posted messages on our website pleading for time since they have not been able to upload their complaints because the website was not functioning. This is on the special portal http://sebipaclrefund.co.in/ set up by market regulator Securities and Exchange Board of India (SEBI) for this purpose. 
 
Internet connectivity is clearly a big problem for PACL investors, many of whom are not Net-savvy and clueless about how to submit claims. This is also evident from the fact that dozens of investors have been writing to Moneylife and sending us their identification papers and Aadhaar cards. We have repeatedly tried to draw the regulator’s attention to their plight without success. (Read: PACL Scam: SEBI asks investors not to handover documents, receipt to anyone)
 
On 26 April 2019, the Justice RM Lodha (retd) committee, appointed by the Supreme Court (SC), in the PACL matter had decided to extend the last date for receiving claim applications till 31 July 2019. The Justice Lodha committee is supervising the SC-ordered process of selling PACL's assets across the country and refunding Rs49,100 crore collected from over 55 million investors.
 
Here are few of the comments (not edited) as posted by readers on the PACL refund submission...
 
Mohit
Sir sebipaclrefund me registration to ho gya but server down hone ki vjh se certificate or receipt upload nhi hua. Sir humble request hai 5 days tk sight open ki jay. Aapki bhut bhut mehrbani hogi.
 
Shaikh
Requesting to the SEBI Dept.. please extend the date of PACL refunds applications.... so many customers are didn't submits their' s Documents on online... so please extend the date of PACL refunds applications...
 
Sanjay
Actually they should close the website at 12 pm at midnight…they have closed it at evening 3.30pm suddenly…else I could apply all applications...remained 8 applications...tried a lot up to 11.30 at night..?
 
Anusha 
We have more than 10 application still to submit. we were doing yesterday night and suddenly from 4 o’clock pacl website was very slow and around 10 it stopped working. SO we couldn't complete it.
 
Anil K
Your website sometime not working. I had uploaded all the documents. But your website stopped working even before submitting. Please increase submission date.
 
Bidyut
I have been trying to upload all the PACL receipts along with the Certificate for last 6 to 7 days. But server was very slow and after some time it got disconnected. But after several attempts I was unable to upload the 22 nos. of receipts and as mentioned before on the website it is showing the PACL site has been closed on 31.07.2019. It was very precious for us to get the refund.
 
Therefore, kindly extend the period few days more so that we can upload the receipts. We will ever be grateful to your act of kindness.
 
Charu
Sir kal site chal nahi rahi thi eske Karan kuch gaon ke logo ke application online karne se rahe hai to plz 2 ya 3 din ki mudat our badhai jai.
 
Moneylife, on 1 August 2019 sent an email to SEBI chairman and the Justice Lodha Committee through its Nodal Officer highlighting difficulties faced by PACL investors while submitting refund claims online. However, there is no response from either of them. We will update this article as and when we receive any response from SEBI or the Justice Lodha Committee.
 
Moneylife has been continuously raising the issues faced by PACL investors with SEBI. We even offered to hold camps at our office to help investors file their refund claims online. However, all SEBI could reply to us was there is a video, which explains how to file refund claims using SMS and web-portal. (Read: The Travails of PACL Victims
 
In an email, SEBI had said, "There are two modes for submitting a refund application namely SMS (which in turn re-directs to the mobile-portal after authentication) and web- portal. The demo videos on submitting refund application are available on https://sebicommitteepaclrefund.com, which provide step by step assistance to the investor for applying for refund using both SMS and web-portal. These videos are available in Hindi and English. "
 
However, the unending flood of comments from PACL investors that continue to pour on our articles show there is a need to extend the last date for claim submission as well as handhold investors in this process.  
 
Last year in September, the Enforcement Directorate (ED) had filed a charge-sheet against PACL and it chief Nirmal Singh Bhangoo in connection with a Ponzi scam involving over Rs49,100 crore, which was collected allegedly by two companies from millions of investors. The ED, which started the probe after lodging an first information report (FIR) in 2015 based on the Central Bureau of Investigation (CBI)'s case, had in January 2018 attached Australia-based assets of the Pearls group and Mr Bhangoo worth Rs472 crore. 
 
Mr Bhangoo, his companies PACL and Pearls Golden Forest Ltd (PGFL), as well as several thousands of his commission agents were accused of cheating 55 million investors on the pretext of sale and development of agriculture land.
 
The companies made false allotments of land to investors. However, the companies never owned any land in their own name.
 
Mr Bhangoo and his companies promised the investors that allotment would be done on their investment between 90 and 270 days and, if not, handsome returns would be paid.
 
The mobilisation of funds by PACL goes 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 an 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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    User

    COMMENTS

    Yudhvir Singh Gill

    15 hours ago

    Sar Mujhe pahle pata nahin Chala last date ka isliye main apply nahin kar Paya Kya Main Ab apply kar sakta 26 8 2013 Ko PCAL Mein Main pahle kisht aur 26 2 2013 thk Di Hai

    Yudhvir Singh Gill

    15 hours ago

    Sar mujhe pata nahin chalna hai main apply nahin kar Paya Kya Main apply kar sakta hun

    Ranjit Raut

    3 days ago

    Sir new pacl news

    Mohsin Nagorwala

    1 week ago

    Pesah kab tak me lega sir August 2019

    rithesh krishnan

    2 weeks ago

    Friends,

    I am seeing many messages down on the date of refund - payment. Please wait for some time and let's see how it unfolds - especially its a government-connected case.

    And for those who were unable to submit their refund request. - I was able to speak to the helpline number that was available in the SebiPaclRefund Site - after a continuous try of 2 weeks. They have assured that they will open another window for submitting the refund claim - but also informed that committee is yet to decide on the dates.

    Let's wait for some time and not panic - it's our hard-earned money and it won't go in someone who doesn't have the right to have it.

    saran balu07

    2 weeks ago

    Please help me sir, that I am asking about the nominee claim the refund. My father died, and my mother is a nominee. So please tell me when will apply the PACL refund. Is any date announced for nominee claim??? Please please intimate me sir, my father invested lot''s of money

    Ganesh

    2 weeks ago

    please urgent when will money received

    Ganesh

    2 weeks ago

    when will money was refund offical announcement application submition over but when was money refund

    Sandhya C

    3 weeks ago

    The claim for refund is submitted in the name of my husband DIPAK CHAUGANJKAR. Please verify ND advise urgently.

    Sandhya C

    3 weeks ago

    I have submitted the claim along with required documents ND also received registration number in February 2019.but till date no refund is received. Please help

    SuryanarayanaBG

    3 weeks ago

    Dear PACL investors Date: 05/08/2019

    I suggest all the PACL investors to raise a grievance before the Hon'ble Prime Minister of India, explaining about last day's (31-07-2019) SEBIPACL Registration server problem and also requesting prime minister to give direction to SEBIPACL to extend the registration date.
    Please go the link 1) http://pgportal.gov.in/pmocitizen/Grieva.... (or)
    2) http://pgportal.gov.in/GrievanceNew.aspx.

    I think you will appreciate my suggestion.

    regards
    SURYANARAYANA BG

    SuryanarayanaBG

    3 weeks ago

    Dear PACL investors Date: 05/08/2019

    I suggest all the PACL investors to raise a grievance before the Hon'ble Prime Minister of India, explaining about last day's (31-07-2019) SEBIPACL Registration server problem and also requesting prime minister to give direction to SEBIPACL to extend the registration date.
    Please go the link 1) http://pgportal.gov.in/pmocitizen/Grieva... (or)
    2) http://pgportal.gov.in/GrievanceNew.aspx.

    I think you will appreciate my suggestion.

    regards
    SURYANARAYANA BG

    Mohamed Haaris

    3 weeks ago

    As a Suryanarayana B G not only you all the people face the problem. So they are respond that to extend the date. And Money life is only update the our comments. But don't know whether PACL or SEBI see this reports ?????

    SuryanarayanaBG

    3 weeks ago

    PACL investment claims apply last date, i.e., on 31st July 2019, the PACL server was not functioning properly, I called 02261216966 about 8 to 9 times, nobody received the call.
    I alone got about 8 Certificate. Think of all over India how many were unable to register due to PACL server problem. KINDLY EXTEND THE REGISTRATION DATE.
    Or let me know that you are not able to extend the registration date.

    regards
    SURYANARAYANA BG

    REPLY

    bharat pindoria

    In Reply to SuryanarayanaBG 3 weeks ago

    PACL was given 3 mnths to give the clients money which they failed what about R M Lodha supreme court order to sell the properties and give money within 6 mnths what has he done he should be kicked of with along his team mates of judges just giving dates and extending dates in the courts it has been 3 yrs since the decision of 02-02-2016 what has they done.
    1st put up bidders which he himself (R M Lodha) could not find bidders then when there were bidders which are uploaded on sebi site they were called of and supreme court played roll and rejected and instructed to find bidders again.
    2nd there is indo uk health care uk interested in buying the properties and the supreme court extend the hearing till 31st-Aug-2019 if this is the practise Lodha Committee along with Piyush Mahajan enjoying this session and can not feel the pain which we are going.

    just back when R M Lodha account had been hacked and money had been pulled out he felt the pain and the culprit had been caught within few days why cant this mess running for more than 5 yrs cant be put to end.

    the sebi customer care that they havent got any news from the committee what is the committee doing and our ministers are also engaged in this matter it seems like because Mr Modi not listening any no action is taken from his side

    Pankaj kumar

    3 weeks ago

    Plz do not increase date,first give money to already submitted application

    Bill To Ban Ponzi Schemes, Protect Depositors Passed by LS
    A Bill to protect depositors from Ponzi schemes and put in place a mechanism by which the investors can be compensated was passed by the Lok Sabha on Wednesday by voice vote.
     
    The Banning of Unregulated Deposit Schemes Bill, 2019, which would replace the ordinance on the same subject, seeks to tackle the menace of illicit deposit-taking, being done by exploiting regulatory gaps and due to lack of strict administrative measures.
     
    The Bill also provides for 1-10 years punishment and Rs2 lakh to Rs50 crore fines to deter any such act. 
     
    Moving the Bill in the LoK Sabha for passage, Minister of State for Finance Anurag Thakur said it provided for a comprehensive mechanism to ban unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the depositors' interest.
     
    He said the legislation had adequate provisions for punishment and disgorgement or repayment of deposits in cases where such schemes nonetheless managed to raise deposits illegally.
     
    Replying to questions from Adhir Ranjan Chowdhury (Congress), Supriya Sule (NCP) and Kalyan Banerjee (TMC) on return of depositors' money, Thakur said the money would be be returned after completion of probe by investigating authorities.
     
    The statement of Objects and Reasons of the Bill seeks to put in place a mechanism by which depositors can be repaid without delay by attaching the defaulting establishments' assets.
     
    Its provisions will not apply to deposits taken in the ordinary course of business to ensure that various entities are able to take deposits in their ordinary course of business without any difficulty.
     
    The Bill ensures that no hardship is caused to genuine businesses, or to individuals borrowing money from their relatives or friends for personal reasons or to tide over a crisis.
     
    It contains a clause, which bans deposit-takers from promoting, operating, issuing advertisements or accepting deposits in any unregulated deposit scheme. 
     
    The Bill was reintroduced on July 19. It was earlier passed in the 16th Lok Sabha in February, but could not be considered and passed by the Rajya Sabha, which was adjourned sine die on the same day.
     
    The Bill also proposes to create three different types of offences—running of unregulated deposit schemes, fraudulent default in regulated deposit schemes, and wrongful inducement in relation to unregulated deposit schemes.
     
    The proposed law also provides for attachment of properties or assets and subsequent realisation of assets for repayment to depositors. Clear-cut timelines have been provided for attachment of property and restitution to depositors.
     
    It will enable creation of an online central database for collection and sharing of information on deposit-taking activities. Being a comprehensive central law, it adopts best practices from state laws, while entrusting the primary responsibility of implementing its provisions on state governments.
     
    The Bill also aims to prevent such unregulated deposit schemes or arrangements at their inception.
     
    As per information provided by the Reserve Bank of India (RBI), during the period between July 2014 and May 2018, 978 cases of unauthorised schemes were discussed at the state-level coordination committee meetings in various states/Union Territories, and were forwarded to the respective regulators/law enforcement agencies in the states.
     
    A large number of such instances have been reported from the eastern part of the country.
     
    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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    User

    COMMENTS

    Suman Lata

    3 weeks ago

    I do agree with this and even the SBI is also taking advantage of this and delaying the refund process

    REPLY

    india creations

    In Reply to Suman Lata 3 weeks ago

    yes suman g sbi ko paise defend jaldi karne chahiye

    Anmol Pradhan

    3 weeks ago

    Pacl Ltd gave a lot of harassment to the investors during login...why is there a need of uploading 43 receipts individually...if the last receipts has been uploaded that is sure that he has made all the installments..does PACL doesn't have their investors record..PACL did it so because to refund less money to the investors...You guys are one of the most cheater company ever..

    india creations

    3 weeks ago

    sir please hame hmare paise jaldi return kar do please sir

    Anil Kushwaha

    3 weeks ago

    Actually they should close the website at 12 pm at midnight…they have closed it at evening 3.30pm suddenly…else I could apply all applications...remained 8 applications...tried a lot up to 11.30 at night..?

    Ramesh Poapt

    4 weeks ago

    due implementation expected

    I Monetary Advisory: Prime accused Mansoor Khan arrested
    Multi-crore ponzi scheme scam prime accused and IMA Jewellers founder Mansoor Khan was arrested early on Friday from the New Delhi airport on arrival from Dubai by the Delhi Police, an official said.
     
    "Khan was taken into custody on landing at the New Delhi international airport on arrival from Dubai around 2 a.m. in an Air India flight 916. He will soon be brought to Bengaluru by our sleuths," SIT officer Mohammed told IANS here.
     
    The major breakthrough in the IMA Gold multi-crore cheating case for the Enforcement Directorate (ED) and the SIT came as a lookout notice on Khan was issued to all concerned, including the Interpol, through the Union Home Ministry. 
     
    Khan, who is accused of perpetrating financial fraud worth crores in Bengaluru, was absconding for a month and was traced in Dubai and told to return to India.
     
    "He had shared a video in which he claimed that he shall return to India in next 24 hours," the SIT officer said on its basis the arrest was made.
     
    "Our officer will take Khan's custody from the Delhi Police and fly him back to Bengaluru according to procedures for investigation into the mega scam," added Mohammed.
     
    The development is expected to ease the ongoing investigation and the effort to return the money of thousands of investors.
     
    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

    Ranjith Kumar

    3 weeks ago

    Please extend the date for submitting the claims. We have so many investors are here to claim their refund documents. Please give another chance to the investors by opening the website for even another five days.

    Ghanshyam Sahu

    3 weeks ago

    Sight ko open kiya jaye kyunki POLICY document upload hi nahi ho paya bahut saare invester ka claim abhi submit nahi ho paya hai

    Ghanshyam Sahu

    3 weeks ago

    Sight ko open kiya jaye kyunki POLICY document upload hi nahi ho paya bahut saare invester ka claim abhi submit nahi ho paya hai

    aashik ali

    3 weeks ago

    WHAT A SITE IT IS.MAY OUR REQUEST BE ACCEPTED

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