The Central Bureau and Investigation, CBI today arrested CMD of Pearl Group of Companies Nirmal Singh Bhangoo in the 45 thousand crore rupees ponzi scam case.
The agency had registered a case of criminal conspiracy and cheating under various sections of Indian Penal Code against him, his two companies Pearls Agrotech Corporation Limited and Pearls Golden Forest Limited and their directors. The case was registered on the orders of the Supreme Court.
The real estate companies had raised investments from over 5 crore investors through collective investment scheme under the garb of sale and development of agricultural land. The companies had also issued bogus land allotment letters to induce the investors.