Pearl Group Scam: Punjab Govt. identifies 14 properties of chit fund group involved in Rs 57,000 cr scam for public use

The maximum of eight properties—of the 14 properties that have been discovered thus far—are located in Ropar.

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In a major revelation in the Pearl Group fraud with lakhs of people, During the course of the inquiry, costly cars like Range Rovers and the company's property in Punjab, valued at over 500 crores, were uncovered. Vigilance has also established a Special Investigation Team (SIT), to be led by an AIG-level officer, in response to fresh information. Simultaneously, the government of Punjab has devised a strategy to retrieve the misappropriated funds. After being released from certain people's ownership, 14 prime properties will be used by the government for commercial purposes, including agricultural.

Most properties were found in Ropar, SIT handed over records to the committee, 9 arrested so far.

The maximum of eight properties—of the 14 properties that have been discovered thus far—are located in Ropar. As a result of the cases filed in Ferozepur and Mohali, nine persons have been taken into custody. The Lodha Committee has also received access to the records in this regard from the SIT. The Punjab government had previously declared that it will work with the Supreme Court-appointed Lodha Committee.

What was the Pearl Group Scam?

Ten lakh people from Punjab, among the 5.50 crore people in the nation, invested in real estate thanks to Pearl Group. Giving the investors fictitious allotment letters forced them to invest, and they embezzled the funds amounting to nearly Rs 57,000 crores. The group's owner has been arrested.

Last year, Punjab Chief Minister Bhagwant Mann said that after the formation of the AAP government, the hard-earned money of the victims of the Ponzi scam would be returned by confiscating assets of chit fund companies. He said that the state government had begun the process of seizing and selling land owned by Pearl Group to compensate the duped people.

The state government had also said that efforts would be made by the Vigilance Bureau, in coordination with the Justice Lodha Committee set up by the Supreme Court, to return the investments of the maximum number of duped investors.

These 3 steps will be taken against Pearl Group

Blue Corner Notice issued: Pearl Group's fraud has affected about 10 lakh people in Punjab. Regarding the accused, SIT has sent out a Blue Corner Notice. Interpol has also been notified of the notice, enabling them to track down and apprehend the accused in the event that they are hiding overseas.

On each of the company's properties, boards will be installed: To ensure that no one is mislead, Vigilance has requested that the Financial Commissioner Revenue (FCR) place signs on any properties owned by the Pearl Group in the state. Individuals become victims of fraud when they take these properties under contract.

Land will be used for agriculture: A plan is being created to enable both commercial and agricultural use of the sites. This income will be distributed back to investors. Alaknanda Dayal, the Revenue Secretary, has been designated by the government as the nodal officer.

What is a Blue Corner Notice?

This notice is issued to learn more about a person's identification or his involvement in any illegal activity from the International Criminal Police Organisation (Interpol). Interpol gathers information for this from member nations.

Properties identified by Punjab Govt.

  • 4 acres 1 kanal 14 marla in Karimpur Tehsil Dakha, Ludhiana.
  • 18 acres in Tapdiyan, Nawanshahr
  • Ropar: 51 kanal in Maujidinpur, 75 kanal in Guru, 135 kanal in Khandola, 10 acres land in Khandola village 45 kanal,219 kanal in Suleman, 46 kanal land in Attari
  • Commercial plot in Bathinda: old hospital commercial plot 21780 square yard opposite fish market, 4.5 acres land on private limited mall road, commercial plot 1 kanal land in Bhokhara.
  • Commercial plot in Mohali.