Despite SC stricture, Pearls Group assets worth crores sold illegally

JALANDHAR: Despite a ban from the Supreme Court, properties of PACL India Limited, also known as Pearls Group, worth hundreds of crores were fraudulently sold by company representatives and family members of main accused Nirmal Singh Bhangu, including his son-in-law Har Satinder Singh Hayer, police investigations have revealed.

Bhangu is in jail in connection with a ponzi scam involving over ₹48,000 crore.

In April this year, the special investigation team (SIT) of Punjab Police probing the case, filed a charge sheet, against the multiple accused in a Ferozepur court. As many as 45 people, including company officials and family members of Bhangu, were booked for cheating, criminal conspiracy and other sections of the Indian Penal Code at Zira police station in Ferozepur district on

July 16, 2020. Several arrests were made by the police on the complaint of one Pardeep Singh of Bhadson in Patiala district.

In 2016, the Supreme Court restrained the PACL or its directors, promoters and others or its associate companies from selling or transferring properties in or outside India. In December 2015, the Securities and Exchange Board Board of India (Sebi) had ordered attachment of all assets of

PACL and its nine promoters and directors for their failure to refund money to investors. A panel headed by Justice RM Lodha (retired) had initiated the process of refunds to investors.

The chargesheet says that despite the ban, PACL and its associated companies started disposing of land worth hundreds of crores in and outside India. It says that one Pardeep Singh produced a power of attorney of Bhangu’s daughter Barinder Kaur of Mohali given to one Sarabjit Singh Sanghera of Australia to sell property worth of 6-crore Australian dollars.

Sanghera had multiple powers of attorney given by Bahngu’s kin. The powers of attorney were prepared in Zira town of Ferozepur district. There were also financial transactions between Sanghera and Har Satinder Singh, says the challan.

The charge sheet says financial transactions were also traced between Manoj Kumar, who was arrested in april this year, and Barinder Kaur and others. Also, Dhillon Empire, an associate company of PACL, kept operating its accounts.

“The accused Munish Jakhar got registered land deeds of 112 flats of Nirmal Chaya project despite ban and gave the power of attorney of many commercial properties,” reads the charge sheet, adding the accused also issued no-objection certificate (NOC) of the plots situated at Nishaat Bagh in Patiala district to more than 35 people in 2018, 2019 and 2020.

Besides, the police also found allotment letters to flats in Sector 104 in Mohali.

“In Fazilka, PACL agent Rampal got transferred commercial property in-connivance with the revenue officials,” reads the charge sheet. When contacted Ferozepur range DIG Hardial Singh Mann refused to comment on the matter.

IN 2016, THE APEX COURT HAD RESTRAINED THE GROUP, ITS PROMOTERS OR ITS ASSOCIATE COMPANIES FROM SELLING OR TRANSFERRING PROPERTIES IN OR OUTSIDE INDIA