New Delhi: The Chairman-cum-Managing Director of Pearls Group Nirmal Singh Bhangoo, who was arrested by the CBI in connection with Rs 45,000 crore alleged scam on January 8, has revealed that he owns 68 offices and 553 acre of lands in Delhi.
During interrogation Bhangoo confessed that he bought a farmhouse from former minister Gopal Kanda and additional 11.5 acre of farmland in Rajkori area in the national capital. He was accused of duping nearly 5.5 crore investors. The investors were lured with the promise of huge returns.
It was found that out of 553 acre land in Delhi, 482 acres will be developed in name of Pearl group.
Meanwhile, the CBI sleuths are verifying his claim and investigating the funds being routed while buying these properties.
Apart from Bhangoo those who were arrested are: Sukhdev Singh, MD and Promoter-Director of PACL, Gurmeet Singh, Executive Director (Finance) and Subrata Bhattacharya, ED in the PGF/PACL Ponzi Scheme Case.
Senior CBI officials had said the four executives were arrested after they were giving inconsistent statements and stopped cooperating with the investigating officers.
"The case involves alleged collection of Rs 45,000 crore from about 5.5 crore investors all over the country. The case was registered under sections 120 B (criminal conspiracy) read with 420 (cheating) of IPC," CBI had said.
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