Rs 49,000 Crore PACL Ponzi Scheme: Director Arrested, Millions of Investors Deceived
In a significant development concerning one of India’s largest financial scams, Gurnam Singh, a director at Pearls Agro-Tech Corporation Limited (PACL), has been apprehended by the Economic Offences Wing in Uttar Pradesh.
5 Crore Investors Impacted Across 10 States
The arrest is linked to a staggering Rs 49,000 crore Ponzi scheme that allegedly defrauded a massive five crore investors spanning across ten states. PACL lured investors with promises of lucrative land plots and high returns on their investments, commitments they ultimately failed to honor.
Deceptive Real Estate Practices and Unregistered Operations
The company operated without the necessary NBFC (Non-Banking Financial Company) registration, raising serious concerns about its legitimacy. Investigators are focusing on the deceptive real estate practices employed by PACL to attract investors, often targeting vulnerable individuals seeking secure investment opportunities.
