Rs 45,000-crore ponzi scam: CBI unearths 66 offices of Pearls Group in Delhi's Connaught Place
Interrogation of Pearl group owner Nirmal Singh Bhangoo by the Central Bureau of Investigation (CBI) has unearthed 553 acre land worth several crores that were held by him using front companies. Bhangoo is the key accused in the Rs 45,000 crore ponzi scheme. According to his statement to CBI, Bhangoo wanted to develop 482 acres of this land under the new land pooling policy.
The Chandigarh based businessman also purchased a farmhouse in Delhi worth Rs 100 crores from former Haryana minister Gopal Kanda who was also under the cloud for his alleged role in a suicide case of airhostess Geetika Sharma. The agency also claimed to have seized the documents related to another 11.50 acre farmland owned by Bhangoo and his company in Rajokari area of Delhi.
Under the new land pooling policy of DDA, the land owner can pool their land and give it to DDA, which will then provide infrastructure such as sewage, water supply, electricity and roads. The authority will give the land back to the owners that can be sold by the owners to private builders. Bhangoo who was first named by CBI in February last year was arrested recently and is presently in CBI custody.
Beside farmlands, the agency said Bhangoo owned 61 offices in Connuaght Place locality which can be worth Rs 500 crores. A CBI spokesperson said, "These offices were in the name of PACL while the farm lands were in the name of front companies." According to CBI while 44 offices were located in Gopal Das Bhavan, 11 were in Indraprakash building and 6 in Anthrix bhavan near KG Marg.
Investigators also found that Bhangoo and his group had co-sponsored the IPL team of Kings XI Punjab using the hard earned money of their investors. The agency has earlier claimed to have seized 1300 bank accounts owned by Bhangoo and Pearl group where Rs 280 crore was found to be deposited.
CBI said the schemes were being run illegally with his companies allegedly engaged in fraudulent activities including forgery in their day-to-day operations. A series of raids were conducted by CBI also led to recovery of huge records and data relating to deposits from public and their mis-utilisation & diversion of funds, besides other incriminating documents, said CBI.
[Story published in ET Realty on January 15, 2016]
The Chandigarh based businessman also purchased a farmhouse in Delhi worth Rs 100 crores from former Haryana minister Gopal Kanda who was also under the cloud for his alleged role in a suicide case of airhostess Geetika Sharma. The agency also claimed to have seized the documents related to another 11.50 acre farmland owned by Bhangoo and his company in Rajokari area of Delhi.
Under the new land pooling policy of DDA, the land owner can pool their land and give it to DDA, which will then provide infrastructure such as sewage, water supply, electricity and roads. The authority will give the land back to the owners that can be sold by the owners to private builders. Bhangoo who was first named by CBI in February last year was arrested recently and is presently in CBI custody.
Beside farmlands, the agency said Bhangoo owned 61 offices in Connuaght Place locality which can be worth Rs 500 crores. A CBI spokesperson said, "These offices were in the name of PACL while the farm lands were in the name of front companies." According to CBI while 44 offices were located in Gopal Das Bhavan, 11 were in Indraprakash building and 6 in Anthrix bhavan near KG Marg.
Investigators also found that Bhangoo and his group had co-sponsored the IPL team of Kings XI Punjab using the hard earned money of their investors. The agency has earlier claimed to have seized 1300 bank accounts owned by Bhangoo and Pearl group where Rs 280 crore was found to be deposited.
CBI said the schemes were being run illegally with his companies allegedly engaged in fraudulent activities including forgery in their day-to-day operations. A series of raids were conducted by CBI also led to recovery of huge records and data relating to deposits from public and their mis-utilisation & diversion of funds, besides other incriminating documents, said CBI.
[Story published in ET Realty on January 15, 2016]
.jpeg)
.jpeg)
Comments
Post a Comment