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ED chargesheets Pearls Group in Rs 48K cr ponzi scam (Lead)
New Delhi, Sep 12 (IANS) The Enforcement Directorate (ED) on Wednesday filed a charge- sheet against Pearls Group and its chief Nirmal Singh Bhangoo in connection with a ponzi scam involving over Rs 48,000 crore.
Apart from Bhangoo, who is in judicial custody, three of his colleagues and several of his commission agents have also been named in the ED chargesheet filed in a special court here under the Prevention of Money Laundering Act (PMLA).
The ED, which started the probe after lodging an FIR in 2015 based on the Central Bureau of Investigation’s case, had in January attached Australia-based assets of Pearls Group and Bhangoo worth Rs 472 crore.
The CBI had arrested Bhangoo and his three colleagues in 2016 following allegations that they collected funds from investors in Delhi, Punjab, Haryana, Rajasthan and other states through ponzi schemes, in the name of real estate projects.
Bhangoo, his companies PACL and PGFL, as well as lakhs of his commission agents were accused of cheating 5.5 crore investors on the pretext of sale and development of agriculture land.
The companies made false allotments of land to investors even though they did not own any land in their own name.
Bhangoo and his companies promised the investors that allotment would be done on their investment between 90 and 270 days and if not, handsome returns would be paid.
The ED said the promoters and directors of PACL and PGFL collected more than Rs 48,000 crore of funds from investors all over the country through a collective investment scheme in the garb of sale and development of agriculture land. Earlier the amount was estimated over Rs 45,000 crore.
“Of the total funds, PACL invested Rs 164 crore in Pearls Infrastructure Projects Limited (PIPL) for acquiring 25.37 per cent shares and the remaining 74.63 per cent shares of PIPL were acquired indirectly by PACL through its 43 front companies for an investment of Rs 493.18 crore. In total, PIPL received Rs 657.18 crore from PACL during 2009 to 2014,” said an ED statement.
The statement said that the PIPL, an associate company of PACL, further invested Rs 147.38 crore in 2010 for acquiring 50 shares of Australian firm Miiresorts Group 1 Pty Ltd, and Rs 459.23 crore from 2009 to 2014 for acquiring 99.24 shares of another Australian firm Miigroup Holdings Pty Ltd.
“Miigroup further invested Rs 147.38 crore in Miiresorts for acquiring 50 per cent of shares. An amount of Rs 25.07 crore was remitted to Australia to Hicky Lawyers Trust for purchase of immovable property (Sanctuary Cove Properties).
“In May 2010, Miiresorts, out of the funds received, purchased Sheraton Mirage Hotel in approximately AUS $62.5 million and sold it to Australian Wattle Development Pty Ltd in AUS 87.37 million equivalent to Rs 447 crore by the order of the Federal Court of Australia,” the statement said.
The Miiresorts and Miigroup are controlled by Bhangoo and his family members.
–IANS
rak/mag/sed
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.