The CBI has arrested 11 people in a case involving Pearls Group, which allegedly collected about ₹60,000 crore from close to 5.50 crore investors from across the country by floating unauthorised schemes.
Five of the accused, Chander Bhushan Dhillon, Prem Seth, Manmohan Kamal Mahajan, Mohanlal Sehajpal and Kanwaljit Singh Toor, were from the group.
The others, who are businessmen from Delhi, Chandigarh, Kolkata, Bhubaneswar and other places, have been identified as Praveen Agarwal, Mannoj Jain, Akash Agarwal, Anil Kumar Khemka, Subhash Agarwal and Rajesh Agarwal.
The arrestees were produced before a special court that sent three of them to judicial custody and the others to two-day CBI custody. They have been accused of aiding the prime accused and others in illegally operating the investment schemes that lured people into making investments on the false promise of huge profits. However, the funds were allegedly appropriated.
The CBI had registered a preliminary enquiry on the directions of Supreme Court against the Pearls Group, which was accused of illegally operating different investment schemes without any statutory approval, to dupe investors.
Based on the findings, it registered a First Information Report against the flagship companies of Pearls Group, PGF Limited and PACL Limited, its then head, Nirmal Singh Bhangoo, and others.
Further probe led to the arrest of Bhangoo, Shri Sukhdev Singh, Subrata Bhattacharya and Gurmeet Singh on January 8, 2016….