“Chander Bhushan Dhillon, Prem Seth, Manmohan Kamal Mahajan, Mohanlal Sehajpal, Kanwaljit Singh Toor are the employees of the Pearls Group who have been placed under arrest. Apart from them we arrested Delhi, Chandigarh and Kolkata-based businessmen Praveen Kumar Agarwal,
The official said that the CBI had earlier registered a Preliminary Enquiry on the directions of the Supreme Court against Pearls Group, which had allegedly collected around ₹60,000 crore from around five crore investors all across the country by illegally operating different investment schemes, without any statutory approval, with an intention to cheat them.
The accused had given land guarantee to the investors to lure them. The people were told that they would be getting an interest of 12.5 per cent if they would invest. They were offered free accidental insurance and income tax free maturity on their investments. The accused had also promised the investors that the value of the land that they were purchasing would multiply fast.
Later on the basis of the enquiry a case was registered against Ms. PGF Limited, Ms PACL Limited,