Probing money laundering in one of the biggest Ponzi scandals ever, the Enforcement Directorate on Wednesday conducted raids in the alleged Rs 60,000-crore scam by Pearls Group.
ED officials said that at least ten premises of the firm and its directors and associates in Delhi, Mumbai, Mohali, Chandigarh and Jaipur were searched under the provisions of the Prevention of Money Laundering Act (PMLA).
CBI is already probing criminal conspiracy and cheating charges against Nirmal Singh Bhangoo, his two companies Pearls Agrotech Corporation Limited (PACL) and Pearls Golden Forest Limited (PGFL) and their director Sukhdev Singh since February last year.
ED official said that searches were carried out on associate firms and officials of the company and documents and computer hardware suspected to be containing vital information has been seized.
The group is being probed by multiple agencies.
Earlier, capital markets regulator SEBI had found it to have collected money from 5 crore investors through unauthorised collective investment schemes, also called ponzi schemes, in the name of real estate projects.
Bhangoo is alleged to have infrastructure projects in Punjab and other cities other than earlier owning a TV news channel. The company had allegedly cheated the investors by offering them agriculture land-related schemes.
Replying to question in Rajya Sabha recently, minister of state for finance Jayant Sinha had said the government had received various complaints with regard to collection of deposits by PACL India alleging non-payment of amounts advanced to the company for purchase of land, money laundering and non-settlement of accounts in respect of transfer of land.
Earlier this month, Sebi had ordered attachment of all bank and demat accounts of PACL Ltd and its nine promoters and directors for failure to refund more than Rs 60,000 crore due to investors.
As per Sebi's order, PACL had raised Rs 49,100 crore from nearly 5 crore investors which it needs to refund along with promised returns, interest payout and other charges, totalling over Rs 55,000 crore.
Besides, PGFL has "illegally mobilised more than Rs 5,000 crore and failed to refund the same in spite of directions of Sebi and SAT", the regulator had said while initiating recovery proceedings.
CBI has already questioned Bhangoo in the case. The agency's probe is being carried out on the orders of the Supreme Court.
ED officials said that at least ten premises of the firm and its directors and associates in Delhi, Mumbai, Mohali, Chandigarh and Jaipur were searched under the provisions of the Prevention of Money Laundering Act (PMLA).
CBI is already probing criminal conspiracy and cheating charges against Nirmal Singh Bhangoo, his two companies Pearls Agrotech Corporation Limited (PACL) and Pearls Golden Forest Limited (PGFL) and their director Sukhdev Singh since February last year.
ED official said that searches were carried out on associate firms and officials of the company and documents and computer hardware suspected to be containing vital information has been seized.
The group is being probed by multiple agencies.
Earlier, capital markets regulator SEBI had found it to have collected money from 5 crore investors through unauthorised collective investment schemes, also called ponzi schemes, in the name of real estate projects.
Bhangoo is alleged to have infrastructure projects in Punjab and other cities other than earlier owning a TV news channel. The company had allegedly cheated the investors by offering them agriculture land-related schemes.
Replying to question in Rajya Sabha recently, minister of state for finance Jayant Sinha had said the government had received various complaints with regard to collection of deposits by PACL India alleging non-payment of amounts advanced to the company for purchase of land, money laundering and non-settlement of accounts in respect of transfer of land.
Earlier this month, Sebi had ordered attachment of all bank and demat accounts of PACL Ltd and its nine promoters and directors for failure to refund more than Rs 60,000 crore due to investors.
As per Sebi's order, PACL had raised Rs 49,100 crore from nearly 5 crore investors which it needs to refund along with promised returns, interest payout and other charges, totalling over Rs 55,000 crore.
Besides, PGFL has "illegally mobilised more than Rs 5,000 crore and failed to refund the same in spite of directions of Sebi and SAT", the regulator had said while initiating recovery proceedings.
CBI has already questioned Bhangoo in the case. The agency's probe is being carried out on the orders of the Supreme Court.
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