ED Detains Former Pearls Group Chief's Son-in-Law in Rs 48,000 Crore Scam
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Synopsis
The ED's recent arrest of Harsatinder Pal Singh Hayer, son-in-law of the late Nirmal Singh Bhangoo, highlights the ongoing investigation into the PACL fraud case, where investors were deceived out of Rs 48,000 crore through fraudulent schemes.
Key Takeaways
- ED arrests Harsatinder Pal Singh Hayer.
- Involved in the Rs 48,000 crore PACL fraud.
- Funds were funneled to Australian real estate.
- Two properties in Australia have been attached.
- Investigation ongoing with potential for further arrests.
New Delhi, March 22 (NationPress) The Directorate of Enforcement (ED) from the Delhi Zonal Office has taken into custody Harsatinder Pal Singh Hayer, the son-in-law of the late Nirmal Singh Bhangoo, as part of their investigation into the massive Pearl Agro Corporation Limited (PACL) fraud case.
Hayer was apprehended under the stipulations of the Prevention of Money Laundering Act (PMLA), 2002. A Special Court dedicated to PMLA cases has placed him in ED custody for ongoing inquiries.
This case originates from a First Information Report (FIR) lodged by the CBI, BSFC, New Delhi, under Sections 120-B and 420 of the Indian Penal Code (IPC), 1860, against PACL India Limited, PGF Limited, and their directors, including Bhangoo. The defendants were charged with running deceitful investment schemes that defrauded investors of approximately Rs 48,000 crore. While these schemes promised significant returns, the actual funds were misappropriated by the company's leadership.
The ED's probe disclosed that Hayer has held directorial positions in multiple associated companies of PACL, including two Australian firms – Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd. The investigation revealed that these companies funneled Rs 657.18 crore of illicit funds to Australia for investment in various real estate assets.
In addition, it was discovered that Hayer has been dissipating PACL’s assets, in defiance of a Supreme Court ruling from July 25, 2016, which mandated the sale of properties to compensate the investors. Consequently, the ED has seized two real estate properties in Australia valued at Rs 462 crore, along with movable and immovable assets totaling Rs 244 crore in India.
Moreover, the ED has relayed this information to the Justice Lodha Committee, appointed by the Supreme Court to oversee the property liquidation process and ensure restitution of funds to the defrauded investors. Additionally, two prosecution complaints have been lodged against PACL, Bhangoo, and other co-conspirators in the scam.
