Ferozepur, March 24, 2017: Insaaf Di Awaz Organisation in its meeting today demanded early refund investors of Pearl Agrotech Corporation Limited - PACL – by selling the assets of the company.
Added here, a large number of investors have lodged claims before the Supreme Court-appointed justice RM Lodha panel, which was entrusted to oversee the sale of assets of the Pearls Agrotech Corporation Ltd (PACL) and refund the money to investors.
Giving information, the members of IDAO said, as many as 25 lakh people have become victim of PACL and the company has been facing CBI probe for its failure to refund Rs49000 Cr to people who had invested in the company's Collective Investment Scheme (CIS), which was deemed illegal by market regulator SEBI.
Posted by Harish Monga
Giving further information, Gurtej Singh Behman said, the PACL has huge landed property in whole of the country occupied by some unscrupulous persons having association with the company.
He said, the government should make arrangements for taking possession of the same and further arrange the refund of investors by selling the same.
According to the probe agency, the money was allegedly collected by Bhangoo-managed group through two companies — PACL and Pearls Golden Forest Limited – in ponzi schemes under the garb of sale and development of agricultural land.
The Pearls Group chairman-cum-managing director and three other directors were arrested on January 8, after two years of CBI probe ordered by the Supreme Court, in connection with the alleged swindling of Rs45000 crore.