PACL SCAM: Good news for those who lost money in 'Pearls Group', raised so many crores to return investors

Posted on 4th Aug 2022 02:09 pm by rohit kumar

The Justice RM Lodha Committee has so far raised Rs 878.20 crore by selling the immovable properties of PACL Ltd. With this money, money is to be returned to the victims of the Ponzi scam case of Rs 60,000 crores. The company was accused of cheating.

 

On behalf of the committee, it has been said that the CBI had also handed over to them luxury vehicles like Rolls Royce, Porsche Cayenne, Bentley, and BMW 7 Series along with 42,950 property papers owned by PGF and PACL company.

 

Let us inform you that according to the data of the government, the Lodha Committee has so far received refund claims of 1.5 crore investors investing in Pearl Agro Corporation Limited, PACL, and its subsidiaries.

 

The committee was formed in 2016 to return the money of the investors.

 

The Lodha Committee was constituted by the Supreme Court in 2016. The committee has recovered Rs 878.20 crore by selling the properties of PACL and its affiliated entities. The total recovery also includes Rs 86.20 crore from the auction of 113 properties of PACL.

 

The assets from which the committee has taken recovery action also include companies from Australia-based Pearls Infrastructure Projects. The company has recovered Rs 369.20 crore from it. For action in Australia, a claim was filed by SEBI in the Federal Court there. After getting approval from there, recovery action was carried out.

 

Apart from this, Rs 308.04 crore was raised by the government by freezing the accounts of PACL and its subsidiaries. The government also received Rs 98.45 crore from the company's fixed deposits. 15.62 crore has been achieved by selling 75 luxury vehicles of the company. At the same time, Rs 69 lakh has been received from six documents related to the assets of the company.

 

What is PACL Scam?

 

PACL was also known as Pearl Group. The company had raised around Rs 60,000 crore from the common people based on businesses like agriculture and real estate. The company had illegally acquired this investment over 18 years. When it came time to return, the company started to back down. Then SEBI intervened in this matter and the matter reached the Supreme Court. The investors of this company are waiting for a long time to get their money back.

 

Also Read: Rule Changes from Today: Penalty on Income Tax Return, LPG cylinder cheaper; Read what changed from today

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