Pearls Group investigation: CBI and ED may send team to Australia

The CBI and the Enforcement Directorate (ED) are likely to send a joint team to Australia in connection with their ongoing probe against promoters of two real estate companies — Pearl Agrotech Corporation Ltd (PACL) and Pearls Golden Forest Ltd (PGF).

According to sources, investigations by the Central probe agencies have revealed that the suspected firms allegedly invested around Rs 670 crore in Australia. It is suspected that the accused firms allegedly raised investments worth Rs 45,000 crore from over 5.6 crore gullible investors through collective investment scheme under the garb of sale and development of agricultural land.

“It is suspected that the accused firms and their promoters may have used the investors’ money to buy assets in several other countries also. Both agencies are now planning to send a team to Australia to probe the matter further,” sources said.

The CBI on January 8 arrested chairman-cum-managing director of Pearls Group Nirmal Singh Bhangoo and three other top officials of the group in connection with its ongoing investigations against them.

The CBI had last year booked the duo and six others on the charges of allegedly duping investors through their Ponzi schemes.

CBI’s Investigations also revealed that funds were allegedly raised by the two companies through a vast network of lakhs of commission agents spread all over the country who were being paid hefty commissions for luring the investors, sources said. Soon after registering the FIR, the CBI had also carried out searches at the premises of accused firms in Delhi, Chandigarh, Mohali, Ropar and Jaipur.