ED Arrests Son-in-Law Of Former Pearls Group Chief In Rs 48,000 Crore Fraud Case
The Enforcement Directorate (ED) has arrested Harsatinder Pal Singh Hayer, the son-in-law of the late Nirmal Singh Bhangoo, in connection with the ongoing multi-crore fraud case involving Pearl Agro Corporation Limited (PACL). Hayer was detained under the Prevention of Money Laundering Act (PMLA), 2002, and was subsequently remanded to ED custody for further investigation by a Special Court handling PMLA cases, according to an IANS report. The case dates back to an FIR filed by the CBI, BSFC, New Delhi, under Sections 120-B and 420 of the Indian Penal Code (IPC). The FIR was registered against PACL India Limited, PGF Limited, and their directors, including the late Bhangoo. The accused entities were allegedly running fraudulent investment schemes that deceived investors to the tune of around Rs 48,000 crore. These schemes promised high returns but were ultimately used to siphon off the funds by the company’s directors, as per the report. Also Read: Amazon Launches Non-Refundable Rs 49 Processing Fee; Here's Everything You Need To Know Funds Used To Acquire Real Estate Properties The ED's investigation has revealed that Hayer held significant positions, serving as a director in multiple associate companies linked to PACL. This includes two Australian entities: Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd. The ED found that Hayer and his associates diverted Rs 657.18 crore from the proceeds of crime to Australia, where it was used to acquire real estate properties, it added. The report also revealed that a further investigation uncovered that Hayer violated a Supreme Court order issued on July 25, 2016, which mandated the disposal of PACL’s assets to compensate the defrauded investors. In response, the ED attached two immovable properties in Australia worth Rs 462 crore, along with additional movable and immovable assets valued at Rs 244 crore in India. The ED has shared its findings with the Justice Lodha Committee, appointed by the Supreme Court to oversee the process of asset disposal and ensure that the defrauded investors are compensated. Additionally, two prosecution complaints have been filed against PACL, Bhangoo, and others involved in the fraudulent activities.
The Enforcement Directorate (ED) has arrested Harsatinder Pal Singh Hayer, the son-in-law of the late Nirmal Singh Bhangoo, in connection with the ongoing multi-crore fraud case involving Pearl Agro Corporation Limited (PACL). Hayer was detained under the Prevention of Money Laundering Act (PMLA), 2002, and was subsequently remanded to ED custody for further investigation by a Special Court handling PMLA cases, according to an IANS report.
The case dates back to an FIR filed by the CBI, BSFC, New Delhi, under Sections 120-B and 420 of the Indian Penal Code (IPC). The FIR was registered against PACL India Limited, PGF Limited, and their directors, including the late Bhangoo. The accused entities were allegedly running fraudulent investment schemes that deceived investors to the tune of around Rs 48,000 crore. These schemes promised high returns but were ultimately used to siphon off the funds by the company’s directors, as per the report.
Also Read: Amazon Launches Non-Refundable Rs 49 Processing Fee; Here's Everything You Need To Know
Funds Used To Acquire Real Estate Properties
The ED's investigation has revealed that Hayer held significant positions, serving as a director in multiple associate companies linked to PACL. This includes two Australian entities: Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd. The ED found that Hayer and his associates diverted Rs 657.18 crore from the proceeds of crime to Australia, where it was used to acquire real estate properties, it added.
The report also revealed that a further investigation uncovered that Hayer violated a Supreme Court order issued on July 25, 2016, which mandated the disposal of PACL’s assets to compensate the defrauded investors. In response, the ED attached two immovable properties in Australia worth Rs 462 crore, along with additional movable and immovable assets valued at Rs 244 crore in India.
The ED has shared its findings with the Justice Lodha Committee, appointed by the Supreme Court to oversee the process of asset disposal and ensure that the defrauded investors are compensated. Additionally, two prosecution complaints have been filed against PACL, Bhangoo, and others involved in the fraudulent activities.
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