CBI files supplementary chargesheet in Rs 60,000 cr Pearls group scam; names 24 people

The Central Bureau of Investigation (CBI) has chargesheeted 24 people in connection with a Rs 60,000 crore ponzi scam which was allegedly run by Pearls group. The supplementary chargesheet names 11 businessmen, nabbed in December 22, 2021.
 
The central agency has accused the Pearls group companies of allegedly collecting around Rs 60,000 crore from 5.5 crore investors across India by operating various investment schemes without statutory approvals and with an alleged motive to dupe investors, according to a CBI spokesperson.
 
The CBI spokesperson further explained that the companies convinced investors to invest in such schemes as these offered lucrative returns. Thereafter, the companies used to divert these funds via dubious means with the motive of misappropriation of funds.
 
“It was alleged that the accused were the co-conspirators in this scam, who aided the prime accused and others in illegally operating investment schemes for earning quick and easy money, inducing investors to invest their funds in such investment schemes which offered lucrative returns to the investors and thereafter in diversion of such funds through dubious means with the motive of misappropriation,” he was quoted as saying by India Today.
 
These businessmen are Akash Agarwal, Anil Kumar Khemka, Brajendra Singh Bhadouriya, Mannoj Kumar Jain, Prateek Kumar, Praveen Kumar Agarwal, Rajesh Agarwal, Subhash Agarwal, chartered accountant Manmohan Kamal Mahajan and private person Janeshwar Das.
 
CBI also named three companies – Pearls Infrastructure Projects Limited, ARSS Infrastructure Projects Limited and Jain Infraprojects Limited. The central agency also named Pearls group executives in its chargesheet apart from naming the three companies. Executives named in the CBI chargesheet include Harchand Singh Gill, Chander Bhushan Dhillon, Harsatinder Pal Singh Hayer, Sukhwinder Kaur, Balvir Singh, Gurjant Singh Gill, Joginder Tyger, Prem Seth, Gurnam Singh, Barinder Kaur, Mohanlal Sejpal, Kanwaljit Singh Toor, and Tarlochan Singh.
 
The CBI had arrested CMD of Pearls Golden Forest Limited (PGF) and ex-chairman of Pearls Australasia Pty Limited Bhangoo with Pearls Agrotech Corporation Limited (PACL) MD and promoter-director Sukhdev Singh, executive director (finance) Gurmeet Singh and ED in the PGF/PACL Subrata Bhattacharya on January 8, 2016.
 
The central agency accused these companies of collecting funds from investors all over India on sale and purchase of agricultural land and the promise of high returns. The CBI also said that these companies allegedly partook in fraudulent activities such as forgery in their operations.
 
They also allegedly diverted funds collected under the aegis of a Jaipur-based private company, i.e. PACL, for alleged investment in Australian companies. The CBI filed a chargesheet in the matter on April 7, 2016.
 
“It was also alleged that no land development work was executed and funds were diverted by routing the same through several shell companies controlled by different entry operators/other associate companies/groups. These companies were not into execution of land development work and worked only as conduits for illegal diversion of funds,” the CBI spokesperson said.

(With inputs from Munish Pandey)

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